Latest news with #Sadad
Fintech News ME
3 days ago
- Business
- Fintech News ME
Stitch Raises $10M to Improve Financial Infrastructure in MENA
Stitch, a Saudi Arabia-based platform for launching and scaling financial products, has announced the close of a US$10 million seed funding round. The round was led by Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, with participation from family offices and industry figures including Marqeta founder Jason Gardner and Abdulmalik AlSheikh, known for his role in establishing the mada and Sadad payment networks in Saudi Arabia. The funding will support Stitch's efforts to expand its team and enhance its technology platform, which aims to simplify the development and launch of financial services. Demand for integrated financial infrastructure is increasing across both the Middle East and global markets. The global banking and financial services industry is projected to grow from US$91.42 billion in 2024 to US$221.39 billion by 2033, at a compound annual growth rate of 10.3 percent. In Saudi Arabia, banking sector assets have reached US$1.12 trillion (SAR 4.22 trillion), while digital payments grew by 75 percent between 2019 and 2021. Point-of-sale transactions in the country totalled US$177.69 billion (SAR 667 billion) in the 2024 financial year. Despite this growth, many businesses in the region continue to face challenges in building financial products due to outdated systems and complex regulations. Stitch aims to address this with a unified, API-driven platform. Currently serving clients in Saudi Arabia and the UAE, the company has also expanded into East Africa, beginning with Kenya. Mohamed Oueida, Founder and Chief Executive Officer of Stitch, said: 'Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful. It does not 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.' Stitch's platform enables clients to develop and launch financial services more efficiently, with the company claiming product deployment times can be reduced by up to 80 percent. Clients include Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing, and Tanmeya Capital, all of whom are using the platform to offer customised financial solutions. Founded in 2022, Stitch has brought together talent from institutions such as FIS, Geidea, Rain Financial, NPCI India, and Al Rajhi Bank, with a focus on long-term innovation in banking and payments.
Saba Yemen
03-03-2025
- Business
- Saba Yemen
PM visits communications ministry, reviews progress of Telecom Corporation, Sadad platform
Sana'a - Saba: During a visit to the Ministry of Communications and Information Technology on Monday, Prime Minister Ahmed al-Rahawi received briefings on the operational progress of the General Communications Corporation and Sadad Platform at the General Authority for Post and Postal Savings. The Prime Minister met with key officials, including Minister of Communications, Eng. Mohammed al-Mahdi, and executives from the General Authority for Wired and Wireless Communications, TeleYemen, Yemen Mobile Company, and the General Authority for Post and Postal Savings. Discussions covered the General Telecommunications Corporation's activities, its restructuring project, and ongoing strategic and development initiatives nationwide. Development projects related to digital transformation within the Postal Authority, particularly the Sadad platform designed to streamline citizen transactions, were also reviewed. Al-Rahawi, accompanied by Minister Al-Mahdi and Eng. Sadiq Musleh, inspected the Executive Unit for Projects and Constructions of the General Telecommunications Corporation, which includes various technical workshops. He observed the Unit's contributions to Ministry projects and affiliated entities. The Prime Minister also visited Sadad platform, where he received a briefing from Ammar Wahhan, Director General of the General Postal Authority, and Mohammed al-Mutawakil, Director of the Platform. They explained the platform's role in linking service providers with banks, financial companies, and e-wallets, ensuring security, reliability, and standardized connections. They emphasized that the Sadad platform prevents bill inflation beyond the original service price. Prime Minister al-Rahawi expressed satisfaction with the development projects and achievements of the Ministry and its affiliated entities, praising the efforts of their leadership and staff. He affirmed the government's support for these entities and their development projects, aimed at continuously improving service quality for individuals and institutions. Whatsapp Telegram Email Print more of (Local)
Zawya
28-02-2025
- Business
- Zawya
Mastercard and Sadad in strategic deal to drive digital payments in Qatar
Qatar - The integration of Mastercard's technology with Sadad's platform will enable merchants to offer fast, seamless and secure transactions as well as convenient payment choices to customers Sadad, a leading company in online and electronic financial transactions offering multi payment solutions in Qatar, has entered into a strategic collaboration with Mastercard to introduce a new digital payment gateway platform. Through this partnership, Sadad will deploy state-of-the-art payment solutions, powered by Mastercard Gateway, to enhance the customer experience for its merchants in the market. The integration of Mastercard's technology with Sadad's platform will enable merchants to offer fast, seamless and secure transactions as well as convenient payment choices to customers. The partnership aims to evolve the market's e-commerce landscape, enabling seamless shopping experiences, higher conversion rates, and helping to reduce fraud. 'By integrating Mastercard Gateway, we are not only offering a seamless and user-friendly solution but also empowering local merchants to stay ahead in the evolving payment landscape. This collaboration will drive regional growth by enhancing the checkout experience and introducing innovative payment options that cater to today's digital-savvy consumers,' said Sheikh Hamad bin Mohammed al-Thani, a board member at Sadad. Mastercard Gateway is a single touchpoint that powers payment and digital acceptance solutions across new and existing markets and channels locally and globally. Merchants benefit from support for more than 30 payment methods, while customers enjoy advanced protection from cybercrime through tokenisation, biometric recognition and 3D Secure authentication. As digital wallets and contactless payments become increasingly prevalent, equipping businesses with the right tools to meet evolving customer expectations is more critical than ever, according to Erdem Cakar, Country Manager, Qatar and Kuwait at Mastercard. 'This partnership with Sadad marks a significant milestone in our efforts to expand our reach and fuel growth for businesses. Through Mastercard Gateway, we are providing businesses with world-class payment solutions that deliver security, speed, and flexibility,' he said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
