Embedded finance platform NymCard has raised $33 million in its latest Series B funding round led by QED Investors, with a view to strengthening its presence and payments infrastructure offering across MENA.
Existing investors including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Shorooq and Endeavor, also participated in the round, as did new investor Oraseya Capital.
NymCard, which is the only embedded finance platform operating across 10-plus countries in MENA, will use the funding to boost its payment infrastructure solutions to better serve banks, enterprises, fintechs, and telecom providers across its three core verticals, which are card issuing processing, embedded lending, and money movement.
NymCard’s ‘nCore’ platform is a localised, full-stack infrastructure, designed to enable clients to design, launch and scale payment programs.
‘nCore’ is built on modular APIs, allowing businesses to manage card issuance, transaction processing, lending infrastructure, and real-time payments within a fully-integrated financial stack.
To date, NymCard has partnered with more than 50 banks, fintechs and enterprises to deliver personalised financial offerings in the region.
Omar Onsi, chief executive officer of NymCard, called the investment “testament to the strength of our technology and our commitment to enabling financial innovation in MENA”.
“With the backing of our investors, we will continue pushing the boundaries of payments and embedded finance, ensuring our clients have access to best-in-class payment infrastructure solutions backed up by solid program management capabilities,” Onsi said.
“We are especially excited to welcome QED Investors on this journey, given their unrivalled experience in fintech across multiple geographies. Their expertise will be invaluable as we further expand our impact in the region.”
In the UAE, NymCard is focused on digitising money movement and is a licensed entity under the Central Bank of the UAE.
“NymCard is a true testament to the ripe and flourishing ecosystem we are seeing across MENA,” said Gbenga Ajayi, QED Investors’ partner, head of Middle East and Africa.
“By providing out-of-the-box card issuing and embedded finance solutions, NymCard is bridging the fintech gap and empowering businesses with the infrastructure they need to innovate.”
Ajayi added: “With its API-first approach, NymCard is expanding financial access for startups and enterprises, driving SME growth, and strengthening MENA’s digital economy.”
Julien Plouzeau, senior partner at Oraseya Capital, added: “NymCard has firmly established itself as the market leader in fintech infrastructure across MENA, with deep customer stickiness and an expanding product suite that serves a broad range of industries.
“Its proprietary technology, regulatory positioning, and ability to scale across diverse markets make it a critical enabler of financial services innovation in the region.”
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