NymCard, a leading embedded finance platform operating across more than ten countries in the Middle East and North Africa (MENA) region, has successfully raised $33 million in its latest Series B funding round. This round was prominently led by QED Investors, marking their most significant investment in the region and their inaugural venture into the Gulf Cooperation Council (GCC) market.
Strategic Investment and Investor Participation
The Series B round not only featured QED Investors but also saw robust participation from existing investors, including Lunate, Dubai Future District Fund (DFDF), Mashreq Bank, Knollwood, Reciprocal, FJ Labs, and Endeavor. Additionally, new investors such as Shorooq Partners and Oraseya Capital joined this funding round, underscoring the growing confidence in NymCard’s role in shaping the future of embedded finance in the MENA region.
NymCard’s Mission and Technological Edge
Founded in 2018 by industry visionaries Omar Onsi and Ayman Chalhoub, NymCard empowers fintech companies to seamlessly integrate financial services into their applications through modern, plug-and-play APIs. The company’s proprietary nCore platform distinguishes itself as the sole issuer processor in MENA that fully owns its processing and switching technology, eliminating the need for third-party licensing. This localized, full-stack infrastructure offers clients a competitive advantage, enabling them to design, launch, and scale payment programs with unparalleled flexibility.
Expansion Plans Across MENA
With the newly secured investment, NymCard plans to deepen its presence across more than ten markets in the MENA region. The company aims to enhance its payment infrastructure solutions to better serve a diverse clientele, including banks, enterprises, fintechs, and telecom providers. NymCard’s services span three core verticals: Card Issuing Processing, Embedded Lending, and Money Movement.
CEO’s Vision for Financial Innovation
Omar Onsi, CEO of NymCard, expressed that this investment is a testament to the strength of their technology and their commitment to enabling financial innovation in MENA. He emphasized that, with the backing of their investors, NymCard will continue to push the boundaries of payments and embedded finance, ensuring clients have access to best-in-class payment infrastructure solutions supported by robust program management capabilities.
Alignment with Regional Economic Visions
NymCard’s strategic initiatives align with significant regional economic visions. In Saudi Arabia, the company supports the nation’s Vision 2030, which aims to transition towards a cashless economy. In the United Arab Emirates (UAE), NymCard plays a pivotal role as a licensed entity under the Central Bank of the UAE (CBUAE), focusing on digitizing money movement. In Egypt, with its burgeoning fintech ecosystem, NymCard provides the flexibility and security necessary for businesses to drive financial inclusion and innovation.
QED Investors’ Perspective
Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors, remarked that NymCard is a true testament to the ripe and flourishing ecosystem across MENA. By offering out-of-the-box card issuing and embedded finance solutions, NymCard bridges the fintech gap and empowers businesses with the infrastructure needed to innovate. With its API-first approach, NymCard is expanding financial access for startups and enterprises, driving SME growth, and strengthening MENA’s digital economy.
Conclusion
NymCard’s successful $33 million Series B funding round, led by QED Investors, signifies a pivotal moment in the MENA fintech landscape. The company’s commitment to technological innovation, strategic regional alignment, and robust investor confidence positions it as a key enabler of financial services across the region.
