Saudi infrastructure fintech Sew raises $10 million seed to assist banks and fintechs construct sooner 

Riyadh-headquartered fintech Sew has raised $10 million in a seed funding spherical led by Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, with participation from household places of work and notable business veterans, it introduced at present. The spherical included investments from Marqeta founder Jason Gardner and Abdulmalik AlSheikh, who beforehand established vital cost networks Mada and Sadad in Saudi Arabia.

Based in 2022 by Mohamed Oueida, Sew operates as a unified SaaS and API platform designed to assist monetary and non-financial establishments launch banking and cost merchandise as much as 80% sooner than conventional strategies. The corporate claims its purchasers can launch merchandise in beneath 90 days, in comparison with business norms that sometimes take for much longer.

The startup has already secured notable purchasers throughout the area together with Lulu Change, Alamoudi Change, Foodics, and Raya Financing. Whereas initially centered on Saudi Arabia and the UAE, Sew has begun increasing past the Center East, securing its first purchasers in Kenya as a part of its Japanese African enlargement.

“At Sew, our imaginative and prescient is to reinvent how monetary and non-financial establishments carry banking and cost merchandise to market,” mentioned Mohamed Oueida, Founder & CEO of Sew. “At this time, the method of constructing monetary merchandise is damaged. Companies are compelled to navigate outdated legacy techniques and sophisticated regulatory frameworks, making issues sluggish, costly, and largely painful.”

The corporate plans to make use of the contemporary capital to broaden its workforce and improve platform capabilities, positioning itself as infrastructure companion for banks, fintech companies, and enterprises integrating monetary companies. Sew has attracted expertise from international organizations together with FIS, Geidea, Rain Monetary, NPCI India, and Al Rajhi Financial institution.

“Our funding in Sew is pushed by our dedication to supporting the expansion of modern Saudi-based startups, enabling them to compete each regionally and globally,” mentioned Nora Alsarhan, Deputy CEO and Chief Funding Officer at SVC.

Khaled Lababidi, Associate at Arbor Ventures, added, “As rising markets digitalize their monetary companies, we consider the following era of know-how infrastructure will come from locations like Saudi Arabia and led by founders who perceive these areas.”

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