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Andreessen Horowitz has led a $25 million Series A in Stitch, the Riyadh-based fintech infrastructure company, marking the Silicon Valley firm's first investment in the GCC.
Existing investors Arbor Ventures, COTU Ventures, RAED Ventures and SVC also participated. The round brings Stitch's total funding to $35 million, following a $10 million seed in 2025 led by Arbor, COTU and RAED.
Founded in 2022 by Mohamed Oueida, Stitch builds unified financial infrastructure for banks, lenders and fintechs, replacing the fragmented patchwork of legacy vendors that typically handles ledgers, payments, cards, lending and compliance as separate systems, each requiring its own integration and regulatory approval.
The company's thesis is that financial institutions have spent over $1 trillion on digital transformation in the past three years but remain stuck on the same fragmented infrastructure, and that no institution can meaningfully adopt AI without first having a clean, unified system of record to build on. The team includes operators from India's NPCI (the organisation behind UPI), FIS, Barclays, Santander and Azentio.
Traction since the Seed round last year has been considerable, with more than $5 billion transacted on the Stitch platform in the past six months alone. Customer numbers grew 10x in 2025 and revenue grew 20x over the same period. The company now operates across the GCC, Egypt, Kenya and Southeast Asia, with customers including Raya Financing (the lending arm of Hyundai and Peugeot), LuLu Exchange, Noqodi and Foodics.
"Financial institutions globally run on fragmented, legacy infrastructure that should have been left behind 20 years ago," said Oueida. "Now every institution wants to adopt AI, but AI on top of broken infrastructure is a dead end. We built Stitch to fix that."
Alex Rampell, general partner at a16z, which manages over $90 billion and has backed Coinbase, Stripe, GitHub and Databricks, said Stitch is building "a modern, unified system of record" that "makes everything else possible," and described the investment as the firm's first in the region.
The funding will go toward accelerating product development, deepening Stitch's presence across the GCC and broader MENA and expanding its global GTM operations.
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