Stitch, a cloud-native operating system built to replace fragmented legacy infrastructure at financial institutions, has secured $25m in a Series A funding round led by Andreessen Horowitz, marking the Silicon Valley firm’s first investment in the GCC and bringing Stitch’s total funding to $35m.
The round also drew continued backing from existing investors Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. The capital will be directed at accelerating product development, deepening Stitch’s footprint across the GCC and broader MENA region, and scaling its global go-to-market operations.
Despite the financial sector spending upwards of $1tn on digital transformation over the past three years, most institutions continue to run on the same fractured, decades-old core systems. Globally, banks allocate an estimated $700bn a year to technology — yet launching a new product can still take years, and upgrading core infrastructure risks operational paralysis. With AI now reshaping every major industry, the gap between legacy architecture and modern capability has become an existential challenge: institutions cannot meaningfully adopt AI without first building on a clean, reliable system of record.
Stitch was founded by a team with operational experience spanning NPCI, FIS, Barclays, Santander, and Azentio. Its platform gives financial institutions a single, cloud-native stack covering lending, cards, payments, and ledgers, which can be adopted gradually by module rather than requiring a wholesale system replacement overnight. By consolidating fragmented core systems into a unified modern record, Stitch provides the foundation that institutions require before AI adoption can deliver real value.
Commercial momentum has been sharp. In the six months to the announcement, more than $5bn in transactions were processed on the Stitch platform. Customer numbers grew tenfold during 2025 and revenue climbed twentyfold over the same period. Stitch currently serves clients across the GCC, Africa — including Egypt and Kenya — and Southeast Asia. Its customer base includes Raya Financing, the lending arm of Hyundai and Peugeot; LuLu Exchange; Noqodi; and Foodics. The company has set its sights on expanding globally to serve financial institutions worldwide.
Stitch founder and CEO Mohamed Oueida said, “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. We built Stitch to fix that, and we’re proud to have Andreessen Horowitz alongside us.”
Andreessen Horowitz general partner Alex Rampell said, “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. We’re excited to support them, and honored to make this our first investment in the region.”
Last year, Greek FinTech firm Natech Banking Solutions, announced the successful completion of its Series B capital increase.
Copyright © 2026 FinTech Global
