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Stitch, a Saudi Arabia-based platform for financial product development, has secured $10 million in seed funding led by Arbor Ventures and others. The investment will enhance its technology and team, addressing challenges in the region's outdated financial systems and complex regulations. Currently serving clients in Saudi Arabia, the UAE, and East Africa, Stitch aims to streamline the launch of financial services, reducing deployment times by up to 80%.
Startups in the MENA region are gaining momentum, with significant funding and acquisitions highlighting the innovation ecosystem. Notable developments include UAE's Tech Universal Ventures acquiring FixSquad and ELVA11, while fintech startup Stitch raised $10 million, and Qashio secured $19.8 million to expand into Saudi Arabia. Additionally, COREangels MEA launched a $10 million fund for early-stage fintech startups, and BirdEye and Gainz also reported successful funding rounds to support their growth.
Startups in the MENA region are gaining momentum, with significant funding and strategic acquisitions highlighting the innovation ecosystem. Notable developments include Stitch raising $10 million for its API-driven platform, Qashio securing $19.8 million for expansion into Saudi Arabia, and Tech Universal Ventures acquiring FixSquad and ELVA11 to enhance digital infrastructure. Additionally, COREangels MEA launched a $10 million fund for early-stage fintech startups, while M&A activity surged by 31% in Q1, driven by the UAE and the tech sector.
Stitch, a Saudi Arabia-based startup founded in 2022, has successfully closed a $10 million seed round to modernize banking infrastructure in the MENA region. The platform enables businesses to launch and scale financial products more efficiently, addressing significant barriers in the market. With backing from prominent investors and major clients already leveraging its technology, Stitch aims to transform the financial ecosystem by providing a unified, API-driven solution tailored for modern needs.
Mohamed Oueidat
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
stitch secures 10 million funding to enhance financial infrastructure in mena
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