In 2024, Saudi startups eyewa and Lean Technologies set a transformative pace for innovation and international investment across the Middle East. eyewa, a dual-headquartered eyewear retailer operating in the GCC, secured its largest funding round to date while expanding its footprint and investing in technology that reshapes how customers buy glasses. Lean Technologies, a fintech infrastructure pioneer, milestoneed with a substantial Series B funding round and deepened its collaborative role in Open Banking and Open Finance initiatives across the UAE and Saudi Arabia. Together, these companies illustrate how regional ecosystems are maturing—combining customer-centric product design, strategic funding, and regulatory collaboration to drive regional growth and regional competitiveness on the global stage. Their trajectories underscore a broader trend: Middle Eastern markets are moving beyond traditional growth vectors to embrace technology-enabled experiences, scalable platforms, and regulatory collaboration that accelerates financial inclusion and consumer access.
eyewa’s rapid ascent and strategic vision have defined a landmark year for the eyewear retailer. The company, with its Gulf-centric business model and a footprint spanning more than 150 stores across the Middle East, closed its largest funding round yet—$100 million—led by General Atlantic, a prominent global growth investor based in the United States. This infusion not only validates eyewa’s current trajectory but also compounds the company’s ambition to operate a much larger store network, targeting 250 stores by the end of 2025. In a discussion with Arab News, eyewa co-founder and co-CEO Anass Boumediene framed these milestones as evidence of a strong, scalable business model attracting international capital. He emphasized that investments from a major growth equity firm underline the resilience and potential of eyewa’s market approach.
The company’s leadership highlights a clear, customer-centric growth engine. Boumediene described how customer feedback has consistently guided eyewa’s strategy, especially as the market becomes more competitive. In his view, listening to customers first helps the company address challenges more effectively and stay ahead of consumer expectations. This feedback loop has driven eyewa to invest in advanced technologies intended to enhance the shopping experience. Notable innovations include AI-assisted eye exams for more precise prescriptions and augmented reality features that enable virtual glasses try-ons via eyewa’s website and mobile app. Boumediene stated that these innovations bridge in-store and online experiences, offering greater accessibility and convenience for eyewear shopping.
Eyewa’s product design and pricing approach also distinguish it from global competitors. Boumediene explained that eyewa tailors its glasses to regional preferences, rather than simply following prevailing US or European trends. Affordability remains a central pillar of its market strategy, with prescription glasses starting at $100—substantially lower than many GCC benchmarks. He noted that the brand’s pricing and design choices allow customers across a range of income levels to feel a connection with eyewa, reinforcing loyalty and market penetration.
Building a diverse, capable team has been integral to eyewa’s growth. The company now employs more than 1,300 people from over 50 nationalities and has achieved gender parity, with slightly more than half of the workforce being female. Boumediene highlighted a talent development philosophy that prioritizes internal growth pathways for optometrists and other professionals. He pointed out that eyewa’s leadership structure includes professionals who have advanced from within, such as the retail director, who is itself an optometrist, underscoring the company’s commitment to long-term career development and internal mobility.
Looking ahead to 2025, eyewa has outlined a multi-faceted expansion plan. Beyond accelerating store openings—another 100 locations are on the horizon—the company intends to establish a production and fulfillment hub in Riyadh. Boumediene described this hub as a pivotal transformation that will enable 24-hour delivery of bespoke products, delivering what he calls the fastest service in the region. He believes the center will be a strategic asset for scale and customization, reinforcing eyewa’s capability to meet rising demand from a youthful population and rapidly expanding economies in the Middle East.
The regional context for eyewear aligns with broader demographic and economic trends. The Middle East’s young populations, rising disposable incomes, and accelerating retail digitization create fertile ground for eyewear brands that can blend physical stores with digital experiences. eyewa’s approach—local design, regional pricing sensitivity, and a seamless offline-online experience—positions it to capitalize on these dynamics. The company’s strategic emphasis on accessibility and affordability also supports its goal of broadening market reach while maintaining a premium brand perception in key markets. In parallel, eyewa’s focus on bespoke production and a nimble supply chain could reduce lead times and inventory risk, further strengthening its competitive moat as the region’s e-commerce ecosystem matures.
Lean Technologies: Fintech Infrastructure and Market Leadership
Lean Technologies, recognized as one of the Middle East’s leading fintech infrastructure startups, marked 2024 with milestones that reflect strategic growth, ecosystem impact, and regulatory collaboration. Hisham Al-Falih, Lean’s CEO, highlighted the year’s defining moments in a discussion with Arab News. He pointed to the Series B funding round of $67.5 million as a standout achievement, led by General Catalyst, with participation from Bain Capital Ventures, Stanley Druckenmiller, Arbor Ventures, and other top-tier investors. Al-Falih emphasized that the caliber of investors backing Lean is a testament to the potential they see in the region’s fintech landscape. He noted that this financing not only brings capital but also validates Lean’s approach to solving pressing financial infrastructure challenges across the Middle East.
The funding milestone coincided with the company’s broader recognition and milestones, including celebrating its five-year anniversary. Al-Falih described this milestone as deeply meaningful, signaling the enduring commitment of the team that built Lean from its early days and continues to drive its mission forward. As a company operating at the intersection of banks, third-party providers, regulators, and millions of end-users, Lean faces complex requirements around innovation, compliance, and reliability. Al-Falih explained that 2024 was particularly challenging as Saudi Arabia and the UAE intensified their Open Banking and Open Finance initiatives, creating a dynamic regulatory landscape in which Lean played a critical role.
Lean’s client-centric philosophy has been a defining factor in its growth. Al-Falih stressed that Lean distinguishes itself through a relentless focus on solving the most significant challenges faced by clients and their end users. By embedding itself within customers’ businesses, Lean gains a deep understanding of needs, enabling the company to address current pain points while anticipating future opportunities. In 2024, Lean reported notable operational achievements in two key markets. In the UAE, Lean’s account-to-account payment solutions processed over $2 billion in transaction volumes, streamlining pay-ins and payouts for major organizations, including e&, DAMAC, and Careem. In Saudi Arabia, Lean’s data solutions, operating under the Saudi Central Bank’s regulatory sandbox, supported use cases in insurance, lending, and marketplaces for clients such as Tawuniya, ALJUF, Salla, Tabby, and Tamara.
Al-Falih reflected on Lean’s growth as a testament to strategic alignment with market needs and client expectations. He described the company’s culture as “the pursuit of greatness,” a framework that guides collaboration, excellence, and continuous improvement. Lean’s organizational ethos centers on three core pillars—the “3 Spheres of Influence.” This framework emphasizes mastery of craft, collaboration, and integrity, encouraging team members to reflect and grow both individually and collectively. Al-Falih noted that this cultural foundation has been instrumental in Lean’s ability to scale and achieve meaningful outcomes for clients and the broader ecosystem.
Looking ahead to 2025, Lean is positioned to capitalize on the rapid evolution of Open Banking in Saudi Arabia and Open Finance in the UAE. Al-Falih sees these regulatory frameworks as the culmination of five years of strategic work—lobbying, regulator engagement, and bank partnerships—that have laid the groundwork for widespread adoption. Lean’s priority is to translate these initiatives into tangible market reality, helping to realize the vision of Open Banking and Open Finance, and enabling the next generation of financial innovation. Beyond regulatory developments, Lean is exploring new avenues to enhance financial infrastructure for individuals and small and medium-sized enterprises. Al-Falih asserted that the mission remains clear: to enable the next generation of financial innovation, and with the momentum already established, Lean is confident in its ability to continue scaling and delivering regional impact.
Market Context, Collaboration, and Regional Opportunities
The stories of eyewa and Lean Technologies illuminate a broader pattern in the Middle East’s technology and startup landscape. The GCC region is increasingly a hub for sectoral convergence—retail tech, fintech infrastructure, and regulated digital finance—driven by a combination of youthful demographics, rising consumer demand, and a government push toward economic diversification. Eyewa’s growth strategy demonstrates how consumer brands can combine strong product-market fit with aggressive physical expansion and high-touch customer experiences. By prioritizing affordability and regional relevance in design, eyewa has built a brand affinity that complements its expansion plans and vertical integration, including production and fulfillment capabilities housed in a Riyadh hub. In parallel, Lean’s emphasis on open banking and open finance illustrates how fintech infrastructure platforms can become foundational to the regional financial ecosystem, enabling banks, fintechs, regulators, and end-users to participate in a more interconnected and efficient financial system.
The Open Banking and Open Finance agendas have become central to the region’s fintech narrative. Saudi Arabia and the UAE have been active in shaping frameworks that encourage innovation while safeguarding consumer data and financial stability. Lean’s involvement in regulatory sandboxes and its close collaboration with banks and regulatory bodies underscore a meaningful shift toward regulated experimentation as a driver of fintech adoption. The combination of a progressive regulatory environment and a robust demand for modern financial solutions creates opportunities for Lean to expand its platform capabilities, deepen partnerships, and support a wide array of use cases—from insurance and lending to digital marketplaces.
Talent, culture, and diversity play a critical role in sustaining the momentum of regional startups. Eyewa’s diverse workforce and commitment to gender parity reflect a broader trend in which inclusive talent strategies correlate with stronger performance and innovation. Lean’s “3 Spheres of Influence” framework reinforces the idea that a healthy organizational culture—rooted in mastery, collaboration, and integrity—underpins successful scaling and long-term resilience. The region’s emphasis on creating local, consumer-focused, and regulation-aligned technology firms positions both eyewa and Lean as exemplars of how ambitious startups can navigate a complex, fast-changing landscape while delivering tangible value to customers and clients.
The 2025 Outlook and Strategic Implications
With eyewa pursuing a 2025 expansion that adds 100 stores and a Riyadh-based production hub, and Lean aiming to operationalize Open Banking and Open Finance on a broader scale, the regional ecosystem is likely to experience increased collaboration, investment, and innovation. Eyewa’s model suggests opportunities to optimize the last-mile supply chain, enhance product customization, and strengthen regional procurement capabilities. The planned Riyadh hub could serve as a strategic node for fast, localized production and rapid delivery, reinforcing the company’s commitment to customer satisfaction and speed to market. For Lean, a deeper integration into open financial ecosystems promises to unlock new capabilities for banks, fintechs, and end-users, enabling more seamless payments, data sharing, and financial services access. The combination of these trajectories signals a broader shift toward ecosystems that blend consumer experience with regulated, scalable fintech infrastructure.
In this dynamic environment, the Middle East’s startup leaders see a future characterized by rapid adoption of digital financial services, smarter embedded technologies, and a more interconnected regional market. Eyewa’s emphasis on regional relevance and affordability aligns with consumer expectations in a rapidly urbanizing region, while Lean’s platform-centric approach and cultural emphasis position it to shape how financial services are built, regulated, and delivered. Investors, policymakers, and ecosystem participants are watching how these models can scale responsibly, maintain regulatory compliance, and sustain growth beyond the initial funding rounds. The shared narrative is clear: success in 2024 set the stage for a more integrated, technology-driven Middle East, where consumer brands and fintech platforms collaborate to deliver faster, better, more inclusive financial and shopping experiences for millions of customers across the region.
Conclusion
In sum, 2024 marked a pivotal year for eyewa and Lean Technologies as they advanced regional growth, investor confidence, and technological innovation in the Middle East. eyewa’s expansion, affordability, and customer-centric innovations, supported by a substantial funding round and a strategic Riyadh hub plan, illustrate how regional brands can scale rapidly while maintaining regional relevance. Lean Technologies demonstrated that fintech infrastructure can achieve scale and impact when backed by leading global investors and when aligned with the regulatory momentum surrounding Open Banking and Open Finance. Its emphasis on culture, client proximity, and collaborative ecosystem-building positions Lean to continue driving financial inclusion and modernizing payment and data infrastructure in the GCC and beyond. Together, these narratives reflect a broader movement toward a mature, vibrant startup scene in the Middle East—one that blends local insight with international capital, bold product development, and thoughtful regulatory engagement to propel the region onto the global technology stage.
