New Delhi, May 30 -- Fintech startups boosted fundraising activity in the Middle East and North Africa region this week. Saudi Arabian fintech infrastructure platform Stitch raised seed funding while the UAE-based fintech Qashio secured growth funding.
Other fintechs that raised capital include the UAE-based fintech Gainz and Qatari buy-now-pay-later platform PayLater. Besides, BirdEye, a Saudi retail-tech startup, and Iraqi B2B e-commerce startup Toolmart raised early-stage capital.
Stitch
Saudi Arabian fintech infrastructure platform Stitch raised $10 million in seed funding from investors including Saudi Venture Capital, Arbor Ventures, COTU Ventures, and Raed Ventures to accelerate geographical expansion. The round also saw participation from regional family offices and other angel investors.
Founded in 2022 by Mohamed Oueida, Stitch offers a unified platform for launching and scaling financial products. Stitch serves as the unified platform to launch and scale banking and payment products up to 80% faster.
The startup aims to utilize the funding towards expansion across MENA and East Africa. It aims to expand its team and enhance its platform capabilities. Its major clients include Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing, and Tanmeya Capital.
Gainz
The UAE-based fintech Gainz closed a pre-seed round in a mix of equity and debt. The round was led by Antler MENAP, Lithium Holdings, and Eleventh Invest Inc., and saw participation from regional high-net-worth investors.
Founded in December 2024 by Shehab Mokhtar and Sherif Abdelaty, Gainz aims to democratise SME financing by enabling individuals to invest in vetted SMEs through an AI-powered, Shariah-compliant crowdfunding platform.
The new funding will be used towards platform scaling and regional expansion.
Qashio
Iliad Partners-backed UAE fintech Qashio secured $19.8 million in a mix of equity and non-equity funding, led by existing investor Rocketship VC, to expand into Saudi Arabia. The round also saw participation from MoreThan Capital, regional banks, and family offices.
Founded in 2021 by Armin Moradi, Qashio's fintech platform offers a comprehensive spend management solution for corporates. It enables businesses to gain full visibility and control of their expenses. The firm already has operations and clients in 22 countries, including the UAE, Europe, and the UK.
The firm attained profitability in the first quarter of 2025, at over $1.2 million, according to Qashio. It aims to use the additional funds to enhance regulatory compliance ahead of its entry into Saudi Arabia. It also plans to deepen its market-leading B2B loyalty programme across MENA. The startup had raised a $10 million seed round in 2022.
PayLater
Qatar's first licensed buy-now-pay-later platform PayLater secured investment from LuLu Alternative Investments (LuLu AI), the investment arm of LuLu Financial Holdings.
PayLater, founded in 2023 by Mohammed Al-Delaimi and Khalifa Saleh Al Haroon, provides secure and flexible installment-based and interest-free payment options to customers.
PayLater aims to utilize Lulu AI's regional scale and experience to deepen its product offering and scale operations.
BirdEye
BirdEye, a Saudi-based retail tech startup raised $586,000 in a pre-seed round from a private tech-focused fund.
Launched in November 2024 by Abdullah Bin Omairah and Abdulrahman Al Hassan, BirdEye provides a user-friendly platform that helps retailers manage daily operations and remain competitive in an increasingly digital landscape
It will use the capital to scale its digital retail platform across Saudi Arabia and expand its team with local talent.
Toolmart
Iraq-based B2B e-commerce startup Toolmart secured a seed funding round of an undisclosed amount, led by Plus VC and Oasis500, to propel growth. Regional angel investors also participated in the round.
Founded in 2022 by Shawkat Shegem, Ahmed Al Hinti, and Nadeem Al Salem, Toolmart is a B2B procurement technology company that streamlines the sourcing of industrial supplies across the Middle East.
It offers a tech-enabled, inventory-light procurement platform that helps large enterprises cut sourcing time, reduce costs, and improve procurement efficiency. It plans to use the funding to expand its team and expand its footprint in new markets across the Middle East.
Published by HT Digital Content Services with permission from VC Circle.