Stitch, a fintech platform based in Saudi Arabia, has raised $10 million in its seed funding round. The investment came from firms like Arbor Ventures, COTU Ventures, Raed Ventures, and Saudi Venture Capital (SVC), along with support from regional family offices and individual investors.
Stitch was founded in 2022 by Mohamed Oueida. It provides an easy-to-use, API-based platform that helps banks, fintech companies, and businesses launch modern financial services up to 80% faster than older systems.
The funding will help Stitch grow its business across the Middle East, North Africa, and East Africa. The company’s goal is to make it easier and faster to create and launch financial products.
Stitch, a Saudi Arabia-based platform that helps build and grow financial products, has raised $10 million in seed funding. Top investors like Arbor Ventures, COTU Ventures, Raed Ventures, and SVC took part in the round.
Other supporters include well-known family offices and industry experts, such as Marqeta’s founder Jason Gardner and Abdulmalik AlSheikh, who helped create major payment systems like Mada and Sadad in Saudi Arabia. The funding will help Stitch grow faster and improve financial infrastructure across the region.
The need for advanced tech systems in both financial and non-financial businesses is growing quickly around the world, especially in the Middle East.
The global banking and financial services industry is expected to grow from $91.42 billion in 2024 to $221.39 billion by 2033. That’s a yearly growth rate of 10.3%, mainly because more banks and financial companies are going digital.
In Saudi Arabia, the banking sector is also expanding. The total value of banking assets has reached $1.12 trillion, and digital payments grew by 75% between 2019 and 2021. In 2024 alone, point-of-sale transactions hit $177.69 billion.
Many businesses in the Middle East—including banks, lenders, big companies, and consumer brands, still struggle to create modern financial products because of outdated systems and other challenges.
Stitch is helping solve this problem with a powerful, all-in-one platform built in the Middle East and designed to work globally. It first launched in Saudi Arabia and the UAE, but now it’s also getting attention from other parts of the world. Stitch has already started working with clients in East Africa, 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.”
Stitch is the first business of its kind in the Middle East. Its technology makes it easy for companies to build financial products. Using an API-based system removes the slow and complicated parts of old setups.
Stitch is built to match the changing needs of today’s financial services. It helps businesses launch and grow banking and payment products up to 80% faster.
Stitch will use the $10 million it raised to grow its team and improve its platform. The goal is to become a trusted technology partner for banks, fintech companies, and other businesses that want to offer financial services.
Some major clients already using Stitch’s technology include Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing, and Tanmeya Capital. These companies are using Stitch to create custom financial solutions in different industries and regions.
Stitch was founded in 2022 and has brought together top talent from well-known companies like FIS, Geidea, Rain Financial, NPCI India, and Al Rajhi Bank. The team is focused on creating long-term innovation in banking and payment services.
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