Saudi FinTech Stitch Secures $25M to Modernize Fragmented Banking Infrastructure
Saudi fintech Stitch raises $25 million in a bid to tear out the ageing, patchwork systems sitting at the heart of the region’s financial institutions, and replace them with something built for the AI era.
The Riyadh-based startup closed the Series A round led by Andreessen Horowitz, with plans to channel the fresh capital into faster product development, deeper penetration across the Gulf Cooperation Council (GCC) and the broader Middle East and North Africa (MENA) region, and an expanded global go-to-market push. The company announced the raise in a press release on Thursday, May 14.
Founded in 2022, Stitch had previously raised a $10 million seed round in May 2025. The latest round marks a significant step up as the company moves from early traction into a scaling phase, and the numbers already suggest momentum. More than $5 billion was transacted on its platform in the last six months alone.
The core problem Stitch is solving is one that has frustrated financial institutions for decades: legacy core systems that are deeply fragmented, costly to maintain, and increasingly incompatible with the demands of modern banking. Stitch’s platform offers a single, cloud-native stack covering lending, cards, payments and ledgers. Crucially, it is designed to be adopted module by module, meaning institutions don’t have to rip out everything overnight, they can migrate progressively without disrupting existing operations.
Stitch CEO and Founder Mohamed Oueida put it plainly in the press release: financial institutions want to adopt AI, but they simply cannot do so on top of fragmented, legacy infrastructure. “We built Stitch to fix that,” he said.
The backing from Andreessen Horowitz carries more weight than just capital. In a blog post published on May 13, a16z general partner Alex Rampell and partner James da Costa described Saudi Arabia’s plans to add hundreds of new financial institutions over the next five years, as the kingdom pushes to diversify its economy beyond oil. That expansion, they argued, creates a significant greenfield opportunity for core banking infrastructure providers. Rampell called what Stitch is building, a modern, unified system of record, “what makes everything else possible.” The investment also marks Andreessen Horowitz’s first bet in Saudi Arabia.
Stitch currently operates across the GCC, Africa, and Southeast Asia, positioning it as a genuinely cross-regional play rather than a single-market story. With Saudi Arabia’s financial services sector set for rapid expansion and legacy banking infrastructure due for a serious overhaul across MENA, the timing of this raise looks deliberate, and well-placed.
