Stitch raises $10 million seed to extend services to emerging markets

Wamda

2 days ago

Saudi Arabia-based fintech infrastructure platform Stitch has raised a $10 million seed round from investors including Arbor Ventures, COTU Ventures, Raed Ventures, and Saudi Venture Capital (SVC), with participation from regional family offices and other angel investors.
Founded in 2022 by Mohamed Oueida, Stitch offers a unified, API-driven platform for banks, fintechs, and enterprises to deploy modern financial solutions up to 80% faster than legacy systems.
The funding will support Stitch's expansion across MENA and East Africa, as it aims to simplify and accelerate how financial products are built and launched.
Press release:
Stitch, the unified platform for launching and scaling financial products, today announced the successful closing of a $10 million seed round. The Saudi Arabia headquartered company attracted investments from leading investors, including Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. The round has also had participation from various family offices and industry veterans, including Marqeta's founder Jason Gardner and Abdulmalik AlSheikh, who previously led the establishment of critical payment networks such as mada and Sadad in the KSA. The funding will accelerate Stitch's growth to transform financial infrastructure in the region.
The demand for integrated technology infrastructure for financial and non-financial institutions is accelerating both globally and across the Middle East. The global Banking & Financial Services Industry (BFSI) is projected to reach USD 221.39 billion by 2033, up from $91.42 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% during the forecast period. This surge is driven by the increasing demand for digital transformation across banking, financial services, and insurance sectors. In Saudi Arabia alone, banking sector assets have grown to $1.12 trillion (SAR 4.22 trillion), while digital payments grew by 75% between 2019 and 2021, and point-of-sale transactions reached $177.69 billion (SAR 667 billion) in FY 2024.
Businesses in the Middle East, from banks and lenders to consumer brands and large enterprises, still face significant barriers to building modern financial products. Stitch is addressing this gap with a unified infrastructure platform built in the Middle East and designed to compete globally. Launched initially for clients in Saudi Arabia and the UAE, Stitch is already attracting interest beyond the region and has secured clients in the Eastern African region, starting with Kenya.
"At Stitch, our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market," said Mohamed Oueida, Founder & CEO of Stitch. "Today, the process of building financial products is broken. Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful. It doesn't have to be this way. Stitch exists to change this. Institutions should be able to focus on what matters and have a platform that can mould around their creativity. We are generally looking to make this process a lot more enjoyable for our partners."
The first-of-its-kind business in the Middle East, Stitch's technology offers the simplest way for enterprises to build financial products, delivering an API-driven solution that eliminates the inefficiencies and complexities of legacy systems. Designed to meet the evolving needs of modern financial services, Stitch serves as the unified platform to launch and scale banking and payment products up to 80% faster.
The $10 million raised will be used to expand Stitch's team and enhance its platform capabilities, further establishing the company as a trusted infrastructure partner for banks, fintech firms, and non-financial enterprises integrating financial services. Major clients such as Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing and Tanmeya Capital are already leveraging Stitch's technology to launch tailored financial solutions across diverse sectors and regions.
Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC, commented, 'Our investment in Stitch is driven by our commitment to supporting the growth of innovative Saudi-based startups, enabling them to compete both regionally and globally. We believe Stitch has the potential to play a significant role in developing a more capable and resilient financial ecosystem in the Middle East and around the world.'
Khaled Lababidi, Partner, Arbor Ventures, commented, 'As emerging markets digitalise their financial services, we believe the next generation of technology infrastructure will come from places like Saudi Arabia and be led by founders who understand these regions. Stitch is a clear example of this shift, combining local expertise with global standards to support institutions across emerging markets. Their platform addresses long-standing infrastructure gaps by offering a simplified but compliant solution that's built for scale, speed and security.'
Wael Nafee, General Partner, Raed Ventures, commented: 'For the first time, financial institutions in the region have a local infrastructure partner that was built from the ground up with their realities in mind, with the ability to compete anywhere in the world. Stitch isn't just creating an alternative to legacy systems; they're setting a new standard for how financial products should be built. Their focus on technical depth with global ambitions has set them apart from day one. This is not just the kind of company we want to back but is also indicative of the impact that Middle Eastern startups can have on the global tech ecosystem.'
Founded in 2022, Stitch has attracted industry-leading talent from global organisations including FIS, Geidea, Rain Financial, NPCI India, Al Rajhi Bank and many others, with a commitment to driving long-term innovation in the banking and payments industry.