Stitch raises $25 million in series A round led by Andreessen Horowitz

This investment is a16z’s first investment in the GCC region and increases Stitch’s total funding to US$35 million. Existing investors including Arbor Ventures, COTU Ventures, Raed Ventures, and SVC also joined the funding round.

Financial institutions have spent more than $1 trillion on digital transformation over the past three years. However, many banks are still using old and disconnected systems that have been in place for decades.

Banks around the world spend about $700 billion every year on technology, but launching a new financial product can still take years. Even upgrading core systems can be risky and may disrupt normal banking operations.

“Financial institutions globally run on fragmented, legacy infrastructure that should have been left behind 20 years ago. Now every institution wants to adopt AI, but AI on top of broken infrastructure is a dead end,” said Mohamed Oueida, founder and CEO of Stitch. “We built Stitch to fix that, and we're proud to have Andreessen Horowitz alongside us.”

“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. We're excited to support them, and honored to make this our first investment in the region," said Alex Rampell, General Partner at Andreessen Horowitz.

Founded in 2022 by Mohamed Oueida, Stitch is a financial technology company based in Riyadh that provides a modern operating system for banks and financial institutions. Its platform helps companies manage services such as lending, cards, payments and financial ledgers in one unified system.

By replacing old and disconnected systems with modern technology, Stitch helps financial institutions launch products faster, work more efficiently, and grow more easily. The company’s goal is to simplify how financial products are built and managed so banks and other institutions can focus more on serving their customers.

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