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<\/a><\/a>\nDespite spending over $1 trillion on digital transformation in the last three years, most financial institutions are still running on the same fragmented, legacy infrastructure that has defined the sector for decades. Globally, banks spend $700 billion a year on technology \u2014 yet launching a new product still takes years, and upgrading a core system still risks bringing operations to a halt.<\/p>
\nNow, as AI reshapes every industry, that infrastructure gap has become existential: no financial institution can meaningfully adopt AI without first having a clean, reliable system of record to build on.<\/p>
\nBuilt by operators who spent years at NPCI, FIS, Barclays, Santander, and Azentio, Stitch was designed to lay that foundation. The platform gives financial institutions a single, cloud-native stack spanning lending, cards, payments, and ledgers \u2014 one they can adopt gradually, module by module, without ripping out existing systems overnight. By replacing the fragmented core with a modern system of record, Stitch unlocks the AI transformation that institutions have been promised but cannot reach without the right infrastructure.<\/p>
\n\u201cFinancial 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,\u201d said Mohamed Oueida, founder and CEO of Stitch. \u201cWe built Stitch to fix that, and we're proud to have Andreessen Horowitz alongside us.\u201d<\/p>
\nIn the last six months alone, more than $5 billion has been transacted on the Stitch platform. Customer numbers grew 10x in 2025, and revenue grew 20x in the same period.<\/p>
\nStitch currently operates across the GCC, Africa \u2014 including Egypt and Kenya \u2014 and Southeast Asia, with customers including Raya Financing (the lending arm of Hyundai and Peugeot), LuLu Exchange, Noqodi, and Foodics. The company plans to continue expanding with the goal of servicing financial institutions worldwide.<\/p>
\n\u201cFinancial institutions are sitting on decades of infrastructure debt, and that debt is now the single biggest obstacle to AI adoption. What Stitch is building \u2014 a modern, unified system of record \u2014 is what makes everything else possible. We're excited to support them, and honored to make this our first investment in the region,\" said Alex Rampell, General Partner at Andreessen Horowitz.<\/p>
\nThe fresh capital will go toward accelerating product development, deepening Stitch\u2019s presence across the GCC and broader MENA region, and expanding its global go-to-market operations.<\/p>
\nFor more information, visit https:\/\/stitch.co<\/a>.<\/p> \nAbout Stitch<\/b><\/p> \nStitch is a Riyadh-headquartered financial technology provider delivering an operating system built for modern financial institutions.<\/p> \nWith a unified platform, Stitch unlocks an expanding set of use cases from lending and cards to payments and ledgers, giving teams everything they need to launch faster, operate leaner, and scale with confidence.<\/p> \nReplacing fragmented and legacy systems with a modern stack, Stitch is on a mission to simplify how the world builds and operates financial products, so the institutions that rely on it can focus on what matters most: their customers.<\/p> \nFor more information, visit https:\/\/stitch.co<\/a><\/p> \nAbout Andreessen Horowitz<\/b><\/p> \nAndreessen Horowitz (aka a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. We are stage agnostic: We invest in seed to venture to growth-stage technology companies, across bio + healthcare, consumer and enterprise apps, crypto, fintech, infrastructure, and companies building toward American dynamism. a16z has over $90B under management across multiple funds.<\/p> \n*Source: AETOSWire<\/a><\/b><\/p>