MENA's NymCard raises $33 million during Series B funding cycle

NymCard Secures $33 Million in Series B Funding for Regional Financial Innovation

NymCard, a leading fintech company based in the Middle East and North Africa (MENA) region, has announced the successful completion of its Series B funding round, raising $33 million. The funding round was led by QED Investors, with participation from existing investors such as Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Shorooq, and Endeavor, as well as new investor Oraseya Capital.

Omar Onsi, chief executive officer of NymCard, hailed the investment as a testament to the strength of the company's technology and its commitment to enabling financial innovation in the MENA region. Youssef Salem, the investor who first participated in the financing of NymCard and has unparalleled experience in fintech across various regions, also expressed his confidence in NymCard's potential.

NymCard's proprietary technology, 'nCore', is a localised, full-stack infrastructure designed to enable clients to design, launch, and scale payment programs. Built on modular APIs, businesses can manage card issuance, transaction processing, lending infrastructure, and real-time payments within a fully-integrated financial stack.

The Central Bank of the UAE licenses NymCard in the UAE, and the company has already partnered with more than 50 banks, fintechs, and enterprises to deliver personalised financial offerings in the region. As a result, NymCard is the only embedded finance platform operating across 10-plus countries in MENA.

The funding will be used to boost NymCard's payment infrastructure solutions to better serve banks, enterprises, fintechs, and telecom providers across its three core verticals: card issuing processing, embedded lending, and money movement. With the backing of its investors, NymCard plans to continue pushing the boundaries of payments and embedded finance, ensuring its clients have access to best-in-class payment infrastructure solutions backed up by solid program management capabilities.

Gbenga Ajayi, QED Investors' partner and head of Middle East and Africa, stated that NymCard is a testament to the flourishing ecosystem in MENA. He added that NymCard's API-first approach expands financial access for startups and enterprises, driving SME growth, and strengthening MENA's digital economy. Julien Plouzeau, senior partner at Oraseya Capital, further emphasised that NymCard has firmly established itself as the market leader in fintech infrastructure across MENA.

Plouzeau added that NymCard has deep customer stickiness and an expanding product suite that serves a broad range of industries. He also mentioned that NymCard bridges the fintech gap and empowers businesses with out-of-the-box card issuing and embedded finance solutions. Onsi called the investment a significant milestone for NymCard and expressed his excitement about the company's future growth and impact on the MENA region.