Stitch (@StitchHQ) / X

Stitch

1,997 posts

Stitch

@StitchHQ

The simplest way to build financial products

Joined November 2023

Pinned
Stitch
@StitchHQ
May 14
We just announced our $25M Series A, led by @a16z, with participation from @ArborVentures1, @COTUVentures, @RaedVC, and @SVC_SA. Financial infrastructure is broken. Institutions are slow to launch, locked into fragmented legacy systems, and falling behind on AI because the
Mohamed Oueida
@MoOueida
May 14
Stitch raised a $25M Series A, led by @a16z, with continued backing from Arbor, COTU, Raed, and SVC. Grateful to our customers, who trust us with the systems that run their business. Financial institutions still run on infrastructure that should have been left behind 20 years
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Stitch
@StitchHQ
4h
Most account verification confirms that an account number is real. Far fewer systems can tell you whether the person handing it over actually owns it.
176
Stitch
@StitchHQ
7h
When a pooled deposit account and the sub-ledger disagree by a few cents, how many teams can tell you which customer's balance is actually wrong before month-end?
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Stitch
@StitchHQ
10h
A customer's stored value balance is a liability backed by money sitting in a pooled account somewhere. Plenty of platforms can update that balance in real time but cannot prove the float matches it on any given day.
222
Stitch
@StitchHQ
13h
Bank reconciliation is supposed to confirm what you already know happened. For most finance teams it is how they find out what actually happened, three weeks too late.
210
Stitch
@StitchHQ
15h
Everyone treats the bureau pull as the moment of truth in a lending decision. The data inside it is often weeks old, describing a borrower who has already moved on.
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Stitch
@StitchHQ
17h
People treat the balance in a stored value account like cash sitting in a bank. Very few of the systems holding that money are reconciled to the standard a bank would actually require.
242
Stitch
@StitchHQ
20h
A stored value account is just a customer's money sitting on your balance sheet under a different name. Plenty of platforms have grown the float faster than they have grown the controls around it.
256
Stitch
@StitchHQ
23h
Every stored value balance is a promise that the money is sitting somewhere safe. Remarkably few providers can reconcile the sum of those balances against the float account in real time.
268
Stitch
@StitchHQ
Jun 22
How many institutions running savings products can tell you how interest accrues on a balance that changed three times in one day, without pulling a report first?
236
Stitch
@StitchHQ
Jun 21
The account statement is the only thing a bank produces specifically for a human to read, and it is remarkable how often it does not reconcile cleanly to the bank's own ledger.
257
Stitch
@StitchHQ
Jun 21
Every stored value account is a promise to return someone's money on demand. Remarkably few operators can prove, at any given second, that the pooled balance equals the sum of what they actually owe.
111
Stitch
@StitchHQ
Jun 21
A real-time ledger is easy to claim and hard to prove. The honest test is whether the balance on the customer's screen matches the balance in the database the moment a payment lands, and most of the time it does not.
105