Andreessen Horowitz Leads Investment
Stitch, a fintech company based in Riyadh, announced it secured $25 million in Series A funding. Andreessen Horowitz (a16z) led the investment, marking its first venture into the GCC region. The announcement was made on 14th May 2026.
This funding round increases Stitch’s total capital to $35 million. Existing investors Arbor Ventures, COTU Ventures, Raed Ventures, and SVC also participated. Stitch aims to become the unified infrastructure layer for financial institutions worldwide.
Founder and CEO Mohamed Oueida highlighted the challenges, saying, “Financial institutions globally run on fragmented, legacy infrastructure that should have been left behind 20 years ago. Now every institution wants to adopt AI, but AI on top of broken infrastructure is a dead end.”
Global Expansion and AI Integration
Stitch operates across the GCC, Africa, and Southeast Asia. It serves clients like Raya Financing, LuLu Exchange, Noqodi, and Foodics. In the past six months, more than $5 billion was transacted via its platform. Customer numbers increased tenfold in 2025.
The newly raised capital will accelerate product development and expand its presence in the GCC and MENA regions. Stitch’s platform provides a cloud-native stack covering lending, cards, payments, and ledgers, which facilitates the adoption of AI technologies.
Alex Rampell, General Partner at Andreessen Horowitz, noted, “Financial institutions are sitting on decades of infrastructure debt, and that debt is now the single biggest obstacle to AI adoption. What Stitch is building, a modern, unified system of record, is what makes everything else possible.”
Despite financial institutions spending over $1 trillion on digital transformation in the past three years, many still operate on outdated systems. Globally, banks invest $700 billion annually in technology. However, launching new products remains a lengthy process. Stitch aims to close this gap, enabling institutions to embrace AI effectively.
Last updated: 15 May 2026, 7:35 am
