NymCard Raises $33M in Series B Funding to Revolutionize Embedded Finance Across MENA
NymCard, a leading embedded finance platform in the MENA region, has recently secured $33 million in a Series B funding round. This investment is set to enhance its operations across more than 10 countries, further solidifying its position in the financial technology landscape.
Significant Investment from QED Investors
The funding round was led by QED Investors, marking their most substantial commitment to the MENA region and their first lead investment in the Gulf Cooperation Council (GCC). Other notable participants included existing investors such as:
- Lunate
- Dubai Future District Fund
- Mashreq Bank
- Knollwood
- Reciprocal
- FJLabs
- Shorooq
- Endeavor
Additionally, Oraseya Capital has joined as a new investor, showcasing the growing confidence in NymCard’s innovative approach to embedded finance.
NymCard’s Role in Embedded Finance
NymCard offers a comprehensive payment infrastructure tailored for banks, enterprises, fintech companies, and telecom providers. The company’s focus is on three core verticals:
- Card issuing and processing
- Embedded lending
- Money movement
Operating on the nCore platform, NymCard distinguishes itself as the sole issuer processor in MENA that fully manages its processing and switching technology. This proprietary infrastructure allows clients to design, launch, and scale payment programs with greater flexibility, unlike competitors who depend on third-party licensing.
Modular APIs for Seamless Integration
One of NymCard’s key advantages is its modular APIs, which facilitate:
- Efficient card issuance
- Transaction processing
- Real-time payments
This integrated financial stack empowers businesses to manage their payment systems effortlessly.
CEO’s Vision for the Future
NymCard’s CEO, Omar Onsi, emphasized the significance of this investment: “This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA.” He added that the support from QED Investors is pivotal for expanding their reach and impact in the region.
QED Investors’ Perspective
Gbenga Ajayi, a partner at QED Investors and head of the Middle East and Africa, commented on the flourishing fintech ecosystem in MENA. He stated, “NymCard is bridging the fintech gap and empowering businesses with the infrastructure they need to innovate.” With its API-first approach, NymCard is enhancing financial access for startups and enterprises, fostering SME growth, and contributing to MENA’s digital economy.
For more information on NymCard and its innovative solutions in embedded finance, visit their official website at NymCard. You can also explore related fintech trends on Finextra.
