Raya Financing digitizes three product lines with Stitch: Auto lease, personal finance, and SME

Running one financing product is hard enough. Running three, Auto Lease, Personal Finance, and SME, each with its own workflows, compliance requirements, and customer journeys, is a different challenge entirely. For Raya Financing, a SAMA-licensed company headquartered in Dammam, that complexity had reached a point where the infrastructure could no longer keep up with the ambition.

In a market growing this fast, that gap is costly. Saudi Arabia's car finance and leasing market is valued at USD 15 billion and projected to grow at a CAGR of 11.1% through 2030, driven by Vision 2030's infrastructure push, rising corporate fleet demand, and a population that increasingly expects to do everything digitally. For financing companies operating across multiple product lines, the pressure is clear: digitize fast, scale without friction, and stay fully compliant with SAMA's evolving requirements.

The challenge

Across all three product lines, the operating model had accumulated the kind of debt that does not show up on a balance sheet: fragmented systems, manual processes, and fixed workflows that could not be reconfigured without IT intervention.

Product changes, whether adjusting a rate, updating a tenor, modifying balloon payment structures, or launching a campaign, required heavy vendor and IT dependency and weeks of lead time. Underwriting was manual, slowing turnaround times and reducing conversion rates at the point where speed matters most. Origination, servicing, collections, and reporting each lived in separate systems with no unified view of the customer or the portfolio.

For Auto Lease specifically, there was no consolidated visibility across the full asset lifecycle, from vehicle linkage and insurance through to repossession triggers. SME workflows lacked the structure needed for cashflow-based lending and documentation tracking. And across all three product lines, compliance monitoring remained largely reactive, dependent on back-office teams rather than embedded system controls.

The solution

For Raya, the answer was consolidating all three product lines onto a single digital platform:

End-to-end digital origination: Onboarding is fully digitized across web, mobile, and branch-assisted channels, with structured data capture and digital document management replacing paper-based coordination.

Automated workflow and credit decisioning: Manual routing gives way to automated task allocation, SLA tracking, and role-based processing. Credit decisions are policy and scorecard-driven, reducing dependency on manual underwriting while ensuring auditability and consistency at every stage.

Auto Lease lifecycle management: Ijarah-specific events, including insurance linkage, schedule updates, early settlements, and repossession triggers, are system-automated. Raya gains unified visibility across the full asset lifecycle for the first time.

SME-specific workflow structure: Cashflow-based lending assessments follow structured financial capture and exposure workflows, with documentation tracking embedded into the process rather than managed offline.

Configurable servicing and collections: Rescheduling, settlements, and other servicing actions are approval-governed and audit-tracked. Collections are automated through bucketization, promise-to-pay tracking, and escalation workflows, replacing manual team coordination.

Real-time portfolio visibility: Dashboards provide live insight into drop-off rates, approval turnaround times, portfolio performance, and operational bottlenecks, enabling Raya to move from reactive management to proactive, data-driven optimization.

SAMA-compliant by design: Security, audit, and data protection controls are embedded into the platform architecture, aligning with SAMA's Cybersecurity Framework and reducing the compliance burden on operational teams.

"We felt a genuine difference from the very first meeting. Stitch team helped us make sense of what had always felt like a complicated process. Great to have a system that makes everything structured and easy." - Ibrahim Yahya Alkinany, Chief Information Officer

The road ahead

For Raya Financing, this transformation lays the foundation for the next phase of growth: launching new product lines with speed, expanding branch and digital channels without operational bottlenecks, and delivering the kind of seamless, consistent customer experience that today's borrowers expect. As Saudi Arabia's financing landscape grows more competitive, institutions that have modernized their infrastructure will not only keep pace, they will lead.