Stitch raises $10mln seed to transform financial landscape in MENA
Riyadh – Saudi fintech infrastructure platform Stitch has closed a $10 million seed funding round, led by Arbor Ventures, COTU Ventures, Raed Ventures, and Saudi Venture Capital (SVC).
Regional family offices and other angel investors, including Marqeta's founder Jason Gardner and Abdulmalik AlSheikh, also participated in the transaction, according to a press release.
Stitch will use the investment to accelerate its growth plans and transform financial infrastructure in the MENA region and East Africa.
The company will also expand its team and enhance its platform capabilities, positioning itself as a trusted infrastructure partner for banks, fintech firms, and non-financial enterprises integrating financial services.
Mohamed Oueida, Founder and CEO of Stitch, commented: "At Stitch, our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market.'
"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 Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful.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,' Oueida elaborated.
He added: '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."
Stitch, the first-of-its-kind business in the Middle East, provides the simplest way for enterprises to build financial products, delivering an API-driven solution that eliminates the inefficiencies and complexities of legacy systems.
Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC, said: '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.'
Established in 2022, Stitch has attracted industry-leading talent from global organizations including FIS, Geidea, Rain Financial, NPCI India, Al Rajhi Bank, and many others.
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