Saudi infrastructure fintech Stitch raises $10 million seed to help banks and fintechs build faster
Summary
The round included investments from Marqeta founder Jason Gardner and Abdulmalik AlSheikh, who previously established critical payment networks Mada and Sadad in Saudi Arabia.Founded in 2022 by Mohamed Oueida, Stitch operates as a unified SaaS and API platform designed to help financial and non-financial institutions launch banking and payment products up to 80% faster than traditional methods. The company claims its clients can launch products in under 90 days, compared to industry norms that typically take much longer.The startup has already secured notable clients across the region including Lulu Exchange, Alamoudi Exchange, Foodics, and Raya Financing. While initially focused on Saudi Arabia and the UAE, Stitch has begun expanding beyond the Middle East, securing its first clients in Kenya as part of its Eastern African expansion.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. Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful.The company plans to use the fresh capital to expand its team and enhance platform capabilities, positioning itself as infrastructure partner for banks, fintech firms, and enterprises integrating financial services. Stitch has attracted talent from global organizations including FIS, Geidea, Rain Financial, NPCI India, and Al Rajhi Bank.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, said Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC.Khaled Lababidi, Partner at Arbor Ventures, added, As emerging markets digitalize their financial services, we believe the next generation of technology infrastructure will come from places like Saudi Arabia and led by founders who understand these regions.