Riyadh-based fintech Stitch has raised $25 million in Series A funding in a round led by Andreessen Horowitz, marking the venture capital firm’s first investment in the GCC. The financing brings Stitch’s total funding to $35 million and includes participation from existing backers Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. The announcement positions the company as an emerging infrastructure provider for financial institutions seeking to modernize core systems across the Middle East, Africa, Southeast Asia, and beyond.
A New Infrastructure Push for Financial Institutions
Stitch describes itself as an operating system for modern financial institutions, offering a cloud-native platform that supports lending, cards, payments, and ledger operations. The company aims to address a long-standing challenge in the financial sector, where many banks and institutions continue to rely on fragmented legacy technology despite significant spending on digital transformation. According to the company, financial institutions globally have invested heavily in technology, yet launching new products or upgrading core systems often remains slow, complex, and risky.
The need for modern infrastructure has become more urgent as artificial intelligence reshapes the financial services landscape. Stitch argues that institutions cannot effectively deploy AI unless they first have a reliable and unified system of record. Its platform is designed to help financial institutions modernize gradually, allowing them to adopt modules over time rather than replace existing systems all at once.
Built by Financial Technology Operators
The company was founded by a team with experience at major financial and technology organizations, including NPCI, FIS, Barclays, Santander, and Azentio. This operational background has shaped Stitch’s focus on practical implementation for institutions that need modernization without major disruption. Its approach is intended to reduce dependence on disconnected systems while enabling faster product development and more efficient operations.
Mohamed Oueida, founder and CEO of Stitch, said financial institutions around the world are still constrained by outdated infrastructure that should have been replaced years ago. He noted that while many institutions are eager to adopt AI, deploying it on top of weak or fragmented technology foundations is unlikely to deliver meaningful results. Oueida said Stitch was created to solve that underlying infrastructure problem and welcomed Andreessen Horowitz as a strategic investor.
Growth Across Multiple Markets
Stitch has reported significant commercial momentum, with more than $5 billion transacted through its platform over the past six months. The company also said its customer base grew tenfold in 2025, while revenue increased twentyfold during the same period. These figures underline growing demand for modern financial infrastructure among institutions operating in rapidly evolving markets.
The company currently serves customers across the GCC, Africa, and Southeast Asia, including operations in Egypt and Kenya. Its client base includes Raya Financing, the lending arm of Hyundai and Peugeot, as well as LuLu Exchange, Noqodi, and Foodics. Stitch plans to continue expanding its reach as it works toward serving financial institutions globally.
Investor Confidence and Use of Funds
Andreessen Horowitz’s participation is notable because it represents the firm’s first investment in the GCC. Alex Rampell, General Partner at Andreessen Horowitz, said financial institutions are facing decades of infrastructure debt, which has become a major barrier to AI adoption. He described Stitch’s unified system of record as a foundation that can enable broader technological transformation across the sector.
The newly raised capital will be used to accelerate product development and strengthen Stitch’s presence across the GCC and wider MENA region. The company also plans to expand its global go-to-market operations as it pursues customers outside its current core markets. This funding round gives Stitch additional resources to compete in a sector where infrastructure modernization is becoming a strategic priority.
Stitch’s Series A round highlights growing investor interest in financial infrastructure companies serving emerging and global markets. By focusing on unified, cloud-native systems, the company is targeting one of the financial sector’s most persistent challenges: replacing fragmented legacy technology without disrupting critical operations. With backing from Andreessen Horowitz and regional investors, Stitch is positioning itself as a key platform for institutions preparing for the next phase of digital and AI-driven financial services.