Saudi Arabia-based Stitch, a FinTech company that enables financial institutions to launch and scale financial products, has raised $10 million in a seed funding round aimed at team expansion and platform development.
The round saw participation from Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, in addition to family offices and industry leaders like Jason Gardner, founder of Marqeta, and Abdulmalik AlSheikh, who played a pivotal role in launching Saudi payment networks mada and Sadad.
With the new capital, Stitch seeks to position itself as a trusted infrastructure partner for banks, fintech companies, and non-financial enterprises that integrate financial services.
Mohamed Oueida, Founder and CEO of Stitch, commented:
“The process of building financial products is broken. Businesses are forced to deal with outdated systems and complex regulations, making development slow, costly, and painful.”
He added, “Our vision is to reinvent how financial and non-financial institutions deliver banking and payment products.”
Founded in 2022, Stitch offers an API-based platform that enables companies to launch banking and payment products up to 80% faster by bypassing legacy inefficiencies.
Initially launched in Saudi Arabia and the UAE, Stitch has expanded into Africa, starting with Kenya. Key clients include Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, and Tanmeya Capital.
According to Wamda, venture funding in MENA surged in Q1 2025, reaching $1.5 billion, up 244% year-on-year. FinTech startups led the growth, attracting over $1 billion across 36 deals, though a funding dip in March was followed by renewed momentum in May.
