Stitch Raises US$25M Series A Led by a16z, Its First GCC Investment

Stitch has raised US$25 million in a Series A round led by Andreessen Horowitz, the firm's first investment in the Gulf Cooperation Council. The financial infrastructure provider has now brought in US$35 million in total capital.

Existing backers Arbor Ventures, COTU Ventures, Raed Ventures and SVC joined a16z in the round.

Stitch sells a cloud-native technology stack that covers lending, cards, payments and ledgers. The pitch is incremental rather than all at once: institutions can replace core components module by module, keeping the systems they already run while new pieces come online. Ripping out a core banking platform in a single migration is the alternative, and few banks attempt it.

Transaction volume and customer growth

The company processed more than US$5 billion in transactions in the six months before the funding. Customer numbers rose tenfold in 2025. Its clients include Raya Financing, LuLu Exchange, Noqodi and Foodics, and it operates across Southeast Asia, the Middle East and Africa.

Stitch frames its stack as the layer on which AI tools can sit. That argument depends on where the data lives. Mohamed Oueida, the company's founder and CEO, said global financial institutions run on fragmented legacy infrastructure that should have been retired two decades ago. Institutions want to adopt AI, he said, but AI on broken infrastructure is a dead end.

Alex Rampell, a general partner at Andreessen Horowitz, made a similar point from the investor side. Financial institutions carry decades of infrastructure debt, he said, and that debt is now the biggest obstacle to AI adoption. Stitch, in his description, is building a modern, unified system of record that makes other capabilities possible.

Where the money goes

The new capital will go toward product development and the expansion of global go-to-market operations. Stitch has not disclosed which markets it intends to enter first.

The bet is that banks and payment firms will buy replacement in pieces rather than in one large programme. That approach lowers the risk of any single migration, and it lets a vendor sell into institutions that have already spent heavily on systems they are not ready to switch off. It also means Stitch's growth depends on stitching into environments it does not control, one module at a time.