A Big Win for MENA’s Fintech Scene
Saudi Arabia-based fintech startup Stitch has just secured a $10 million seed round, signaling a major step forward in transforming how banks and businesses across emerging markets launch modern financial products.
The round saw participation from top-tier investors like Arbor Ventures, COTU Ventures, Raed Ventures, and Saudi Venture Capital (SVC), alongside family offices and fintech veterans such as Jason Gardner (Marqeta) and Abdulmalik AlSheikh—the mastermind behind Saudi’s payment networks mada and Sadad.
Building Smarter Financial Systems for MENA and Beyond
Founded in 2022 by Mohamed Oueida, Stitch was created to simplify the painfully slow and outdated process of building banking and payment products. The startup offers an API-first, unified infrastructure that enables businesses to go live up to 80% faster than legacy systems.
Stitch is already operating in Saudi Arabia and the UAE, with active expansion into East Africa, beginning with Kenya.
Mohamed Oueida, Founder & CEO of Stitch, said:
“The way we build financial products today is broken. We’re here to fix that. Stitch is about making the process faster, easier, and a lot more enjoyable for our partners.”
Why Stitch Is Making Waves
The need for faster, modern financial infrastructure is growing rapidly—especially across the Middle East and Africa. Globally, the Banking and Financial Services Industry (BFSI) is expected to hit $221.39 billion by 2033, up from $91.42 billion in 2024. In Saudi Arabia, banking assets have surged to $1.12 trillion, while digital payments grew 75% between 2019–2021.
Yet many banks and enterprises still face:
- âś… Complex regulations
- âś… Outdated systems
- âś… High costs and long timelines
Stitch tackles these head-on with an all-in-one platform designed to be scalable, secure, and compliant.
Where the Money’s Going
The fresh $10M injection will help Stitch:
- Expand its product and engineering teams
- Scale operations across MENA and East Africa
- Enhance platform capabilities
- Serve more banks, fintechs, and large enterprises
Some of Stitch’s major clients already include:
- Lulu Exchange
- Alamoudi Exchange
- Foodics
- Dar Al Tamleek
- Raya Financing
- Tanmeya Capital
What Investors Are Saying
Nora Alsarhan, Deputy CEO, SVC:
“We’re proud to support a Saudi startup with such global potential. Stitch is building the future of financial infrastructure.”
Khaled Lababidi, Arbor Ventures:
“We see the next generation of fintech infrastructure rising from emerging markets. Stitch combines local know-how with world-class execution.”
Wael Nafee, Raed Ventures:
“Stitch is setting a new standard. They’re not just replacing legacy systems—they’re redefining what’s possible.”
Talent That’s Built for Scale
Stitch has pulled in top-tier talent from companies like FIS, Geidea, Rain Financial, NPCI India, and Al Rajhi Bank—uniting global experience with regional expertise to deliver cutting-edge fintech solutions.