Saudi fintech Stitch pulls in $10m as seed funding

Dubai: The Saudi fintech startup Stitch has raised an impressive $10 million as seed funding, with investors such as Arbor Ventures, Raed Ventures and family offices.

Stitch is a platform that helps with the launch – and scaling up – of financial products, especially as more of such consumer- and B2B focused services are going all-digital.

The Saudi firm initially offered its services in its home market and the UAE, but has now started to pick up clients from outside, including in Kenya. Clients include Lulu Exchange, Alamoudi Exchange and Foodics.

“Our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market," said Mohamed Oueida, founder and CEO of Stitch. "Today, the process of building financial products is broken.

“Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful. It doesn't have to be this way. Institutions should be able to focus on what matters and have a platform that can mold around their creativity.”

Stitch offers an API-based solution that ‘eliminates the inefficiencies and complexities of legacy systems’.

The $10 million seed funding will be used to expand the core team and further raise the platform’s overall capabilities.

“Stitch isn’t just creating an alternative to legacy systems; they’re setting a new standard for how financial products should be built,” said Wael Nafee, General Partner, Raed Ventures. “Their focus on technical depth with global ambitions has set them apart from day one.”