Stitch, the unified platform for launching and scaling financial products, has successfully closed a US$10 million seed round. The Saudi Arabia-headquartered company attracted backing from investors such as Arbor Ventures, COTU Ventures, Raed Ventures and SVC. Additional support came from family offices and industry veterans like Marqeta’s founder Jason Gardner and Abdulmalik AlSheikh, a key figure behind payment networks like mada and Sadad in Saudi Arabia. This funding will accelerate Stitch’s expansion plans and drive transformation in financial infrastructure across the region.
Growing Demand for Financial Technology Infrastructure
The need for integrated technology infrastructure for financial and non-financial institutions continues to grow, both globally and in the Middle East. The global Banking & Financial Services Industry (BFSI) is forecast to reach US$221.39 billion by 2033, up from US$91.42 billion in 2024. This growth comes with a compound annual growth rate (CAGR) of 10.3% during the forecast period. Increased demand for digital transformation in banking, financial services and insurance drives this trend.
In Saudi Arabia, banking sector assets have risen to US$1.12 trillion (SAR 4.22 trillion). Between 2019 and 2021, digital payments in the country jumped by 75%. Additionally, point-of-sale transactions reached US$177.69 billion (SAR 667 billion) in FY 2024.
Stitch’s Role in Closing the Infrastructure Gap
Despite the region’s rapid digitalisation, banks, lenders and consumer brands still struggle to build modern financial products. Stitch addresses this gap through a unified infrastructure platform built in the Middle East with the capability to compete globally. Initially launched for clients in Saudi Arabia and the UAE, the platform has begun attracting interest from Eastern Africa, with Kenya as its first market entry.
Reinventing Financial Product Development
“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 Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive and unnecessarily difficult. It doesn’t have to be this way. Stitch exists to change this. Institutions should be able to focus on what matters, with a platform that can mould around their creativity. We aim to make this process far more enjoyable for our partners.”
The Platform’s Competitive Edge
Stitch stands as the first business of its kind in the Middle East. Its API-driven platform helps enterprises develop financial products while removing the inefficiencies of legacy systems. The solution meets the demands of modern financial services and allows banks and fintech firms to launch products up to 80% faster.
The newly raised US$10 million will fund team expansion and platform enhancements. Stitch aims to strengthen its position as a trusted infrastructure partner for banks, fintechs and non-financial enterprises seeking to integrate financial services. Major clients such as Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing and Tanmeya Capital already rely on Stitch’s technology to launch tailored financial solutions.
Investor Confidence in Stitch’s Vision
Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC, commented:
“Our investment in Stitch reflects our commitment to supporting the growth of innovative Saudi-based startups, enabling them to compete both regionally and globally. We believe Stitch has the potential to play a pivotal role in developing a more capable and resilient financial ecosystem in the Middle East and beyond.”
Khaled Lababidi, Partner at Arbor Ventures, added:
“As emerging markets digitalise their financial services, we believe the next generation of technology infrastructure will come from places like Saudi Arabia and be led by founders who truly understand these regions. Stitch is a clear example of this shift, combining local expertise with global standards to support institutions across emerging markets. Their platform addresses long-standing infrastructure gaps by offering a simplified yet compliant solution that’s built for scale, speed and security.”
Wael Nafee, General Partner at Raed Ventures, stated:
“For the first time, financial institutions in the region have a local infrastructure partner, built from the ground up with their realities in mind and the capability to compete internationally. Stitch isn’t just creating an alternative to legacy systems; it’s setting a new standard for how financial products should be built. Their focus on technical depth, coupled with global ambition, has set them apart from day one. This is not just the kind of company we want to back — it’s a reflection of the impact Middle East startups can have on the global tech ecosystem.”
Attracting Top Industry Talent
Since its founding in 2022, Stitch has built a strong leadership team by recruiting industry experts from respected organisations such as FIS, Geidea, Rain Financial, NPCI India, Al Rajhi Bank and others. The company remains dedicated to delivering long-term innovation within the banking and payments sector.
