The company will use the new funding to accelerate product development, deepen its presence across the Gulf Cooperation Council (GCC) and broader Middle East and North Africa (MENA) region, and expand its global go-to-market operations, it said in a Thursday (May 14) press release.
Stitch was founded in 2022 and announced a $10 million seed round in May 2025.
The company’s platform is designed to replace financial institutions’ fragmented, legacy core systems with a modern system of record that is ready for artificial intelligence, according to the Thursday press release.
While the platform provides a single, cloud-native stack that spans lending, cards, payments and ledgers, it can be adopted module by module so that financial institutions don’t have to replace their existing infrastructure all at once.
Stitch operates across the GCC, Africa and Southeast Asia, and it saw more than $5 billion transacted on its platform in the last six months alone, per the release.
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Stitch Founder and CEO Mohamed Oueida said in the release that financial institutions want to adopt AI but can’t do so on top of fragmented, legacy infrastructure. “We built Stitch to fix that,” Oueida said.
Alex Rampell, general partner at Andreessen Horowitz, which led the funding round, said in the release: “What Stitch is building, a modern, unified system of record, is what makes everything else possible.”
Rampell and James da Costa, partner at Andreessen Horowitz, wrote in a Wednesday (May 13) blog post that countries in the Middle East are expanding their financial services ecosystems as they look to grow outside of oil, and Saudi Arabia plans to add hundreds of new financial institutions over the next five years. These institutions will need core banking software, creating a “greenfield opportunity” for a company like Stitch.
“We are thrilled to lead Stitch’s Series A — and honored to make this our first investment in Saudi Arabia,” Rampell and da Costa wrote in the post. “After years building conviction around the global FinTech infrastructure opportunity, we believe Stitch represents the clearest expression we’ve found of what the next generation of this infrastructure looks like.”
