Stitch, the innovative platform reshaping the financial landscape, recently celebrated a major milestone: securing a substantial $10 million in seed funding. This achievement marks a significant step forward for the Saudi Arabia-based company, propelling it towards its mission of simplifying banking and payments innovation.
The funding round attracted investments from top-tier players in the industry, including Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. Noteworthy figures such as Jason Gardner, the founder of Marqeta, and Abdulmalik AlSheikh, a key player in establishing crucial payment networks like mada and Sadad in KSA, also contributed to this success.
Mohamed Oueida, Founder & CEO of Stitch, shared his vision for the company’s future:
“At Stitch, our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market.”
He emphasized the need to streamline the process of building financial products by eliminating outdated systems and complex regulations.
The demand for integrated technology solutions within the Banking & Financial Services Industry (BFSI) is skyrocketing globally and across the Middle East. Experts project that by 2033, the BFSI sector could reach a staggering USD 221.39 billion. This growth is fueled by an increasing appetite for digital transformation across banking, financial services, and insurance sectors.
In Saudi Arabia alone, digital payments have surged by 75% between 2019 and 2021 while point-of-sale transactions reached an impressive US$ 177.69 billion in FY 2024. Despite these advancements, businesses in the Middle East continue to face challenges when developing modern financial products.
Stitch aims to bridge this gap with its cutting-edge infrastructure platform designed to compete on a global scale. Initially launched for clients in Saudi Arabia and the UAE, Stitch has already garnered interest beyond these regions with clients in Eastern Africa showing keen interest starting from Kenya.
Nora Alsarhan from SVC highlighted their investment rationale:
“Our commitment lies in supporting innovative Saudi-based startups like Stitch to compete globally.”
The potential impact of companies like Stitch is viewed as critical in fostering a more robust financial ecosystem locally and internationally.
Khaled Lababidi from Arbor Ventures underscored Stitch’s unique position:
“Combining local expertise with global standards sets companies like Stitch apart.”
As Wael Nafee from Raed Ventures pointed out:
“Stitch isn’t just creating an alternative; they’re setting new standards on how financial products should be built.”
With an infusion of $10 million earmarked for expanding its team and enhancing platform capabilities further underscores Stitch’s commitment as a trusted partner for institutions integrating financial services worldwide.
Founded on a commitment to drive long-term innovation within banking and payments industries, Stitch continues to attract top talent from around the globe—solidifying its role as a game-changer within emerging markets’ technological infrastructure landscape.
