Stitch, a Saudi Arabia-based company that sells an operating system for financial institutions, raised a $25m Series A led by Andreessen Horowitz (a16z). The company announced the round on 14 May 2026 and said it was a16z's first investment in the Gulf Cooperation Council (GCC) region.
Existing investors Arbor Ventures, COTU Ventures, Raed Ventures and SVC also took part. The round brings Stitch's total funding to $35m. Wamda reported that Stitch raised a $10m seed round a year earlier from investors including the same four backers. No valuation was disclosed.
“Financial institutions globally run on fragmented, legacy infrastructure that should have been left behind 20 years ago.”Mohamed Oueida, founder and CEO, Stitch
What Stitch does
Stitch offers a cloud-native software stack covering lending, cards, payments and ledgers. Banks and other lenders can adopt it module by module without replacing existing systems all at once. The company's pitch is that institutions cannot adopt AI properly without a clean, reliable system of record underneath.
The announcement said financial institutions have spent more than $1tn on digital transformation over three years, and that banks spend about $700bn a year on technology, yet launching a product can still take years. Those figures come from the company's press release.
Stitch's website describes the product as an AI-native platform for banks, fintechs and non-financial companies, with product areas that include cards, lending, wallets and deposits. The team has executives who previously worked at the National Payments Corporation of India, FIS, Barclays, Santander and Azentio Software.
Traction
According to the company, more than $5bn was transacted on the platform in the last six months. It said customer numbers grew tenfold in 2025 and revenue grew 20 times in the same period. It did not publish revenue or customer totals.
Stitch operates in the GCC, in Africa, including Egypt and Kenya, and in Southeast Asia. The press release named Raya Financing, described as the lending arm of Hyundai and Peugeot, LuLu Exchange, Noqodi and Foodics among its customers. Stitch's own site also lists Yanal and Muhlah in customer stories.
Who invested and why
Alex Rampell, a general partner at Andreessen Horowitz, said financial institutions are sitting on decades of infrastructure debt and that this is now the biggest obstacle to AI adoption. He said Stitch's unified system of record is what makes everything else possible, and called the deal the firm's first in the region.
Founder and chief executive Mohamed Oueida said institutions worldwide run on fragmented legacy infrastructure that should have been left behind 20 years ago. He said AI on top of broken infrastructure is a dead end. The company founded in 2022, according to Wamda.
What the money is for
The new capital will go to product development, a deeper presence across the GCC and the wider Middle East and North Africa, and global go-to-market expansion. Stitch said it plans to keep expanding with the goal of serving financial institutions worldwide.
Sources did not give headcount, a valuation or the size of the company's revenue. Entrepreneur Arabia, which carried the Business Wire release, spelled the chief executive's name Mohammed Owaida; the company's own release, reproduced by Wamda, spells it Mohamed Oueida.
Company website: stitch.sa