Saudi-based financial infrastructure provider Stitch has closed a $25 million Series A funding round. The investment was led by prominent US venture capital firm Andreessen Horowitz (a16z), marking its first-ever deal in the GCC and a major signal of growing international investor interest in the region’s tech ecosystem.
Quick Facts
- Funding: $25 million Series A round
- Lead Investor: Andreessen Horowitz (a16z)
- Key Milestone: a16z’s first investment in the GCC
- Total Raised: $35 million to date
Modernizing a Broken Financial System
Stitch is tackling the decades-old problem of fragmented, legacy infrastructure that still powers most global financial institutions. The company provides a cloud-native technology stack that covers lending, cards, payments, and ledgers, allowing banks and fintechs to upgrade their core systems module by module rather than through a risky, all-at-once overhaul. The platform is designed to be the foundational layer that enables financial institutions to finally adopt AI effectively.
“Financial institutions globally run on fragmented, legacy infrastructure that should have been left behind 20 years ago,” said Mohamed Oueida, Founder and CEO of Stitch. “Now every institution wants to adopt AI, but AI on top of broken infrastructure is a dead end.”
The investment from a16z underscores the critical need for this modernization. Alex Rampell, General Partner at Andreessen Horowitz, echoed the sentiment, stating, “Financial institutions are sitting on decades of infrastructure debt, and that debt is now the single biggest obstacle to AI adoption. What Stitch is building, a modern, unified system of record, is what makes everything else possible.”
Powering Billions in Transactions
The funding round follows a period of significant growth for the startup. Stitch reports processing over $5 billion in transactions on its platform in the last six months alone and recorded a tenfold increase in its customer base. The company’s existing investors, including Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, also participated in the round.
Operating across the Middle East, Africa, and Southeast Asia, Stitch already serves a notable client roster that includes Raya Financing, LuLu Exchange, Noqodi, and Foodics. The newly secured capital will be used to accelerate product development and scale its go-to-market operations globally.
About Stitch
Founded in 2022 by Mohamed Oueida, Stitch develops a cloud-native operating system for modern financial institutions. Its platform provides a unified stack for core financial services, including lending, cards, payments, and ledgers, enabling clients to modernize their infrastructure and build new products more efficiently.
