Riyadh - Sharikat Mubasher: Stitch, the Saudi-based fintech infrastructure company, successfully secured $10 million in a seed funding round led by Arbor Ventures, COTU Ventures, Raed Ventures, and SVC.
Stitch will utilize the investment to expand its team and enhance platform capabilities, the company announced in a statement today.
The round saw participation from various family offices and industry veterans, including Marqeta's Founder, Jason Gardner, and Abdulmalik AlSheikh, a leader in building critical payment networks.
Stitch addresses the challenges facing banks, lenders, consumer brands, and large enterprises to build modern financial products by offering a unified infrastructure platform built in the Middle East and designed to compete globally.
Mohamed Oueida, Founder and CEO of Stitch, emphasized the company’s vision to reinvent how financial and non-financial institutions bring banking and payment products to market.
“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 Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful.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 mold around their creativity. We are generally looking to make this process a lot more enjoyable for our partners,” Oueida said.
This investment establishes Stitch as a trusted infrastructure partner for banks, fintech firms, and non-financial enterprises integrating financial services.
Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC, commented: “Our investment in Stitch is driven by our commitment to supporting the growth of innovative Saudi-based startups, enabling them to compete both regionally and globally.”
Launched initially for clients in Saudi Arabia and the UAE, Stitch is already attracting interest beyond the region and has secured clients in the Eastern African region, starting with Kenya.
Since its foundation in 2022, the company has attracted industry-leading talent from global organizations, including FIS, Geidea, Rain Financial, NPCI India, Al Rajhi Bank, and many others.