Source: Forbes Middle East
NymCard, a UAE-based embedded finance platform, has secured $33 million in its latest Series B funding round led by QED Investors, marking the firm’s first Gulf investment.
The round, which brings the NymCard’s total funding to $73 million, saw participation from existing investors, including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Endeavor, and Shorooq, alongside new investor Oraseya Capital.
Expanding embedded finance in MENA
Founded in 2018 by Omar Onsi, NymCard provides card issuing, transaction processing, digital lending, and real-time money movement through its proprietary nCore platform across over 10 countries.
To date, NymCard has partnered with over 50 financial institutions, delivering tailored financial solutions. Its nCore platform, which fully owns its processing and switching technology, offers a localized, full-stack infrastructure, enabling clients to design and scale payment programs with greater flexibility.
“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. With its API-first approach, NymCard is expanding financial access for startups and enterprises, driving SME growth, and strengthening MENA’s digital economy,” said Gbenga Ajayi, QED Investors’ partner and the head of Middle East and Africa.
Strategic acquisitions
To further strengthen its offerings, NymCard acquired Spotii in June 2023, a BNPL fintech operating in Saudi Arabia, the UAE, and Bahrain. This acquisition enables NymCard to provide a customizable BNPL solution to financial services clients.
The company has been consistently attracting investment. In June 2022, it secured $22.5 million in a funding round led by DisruptAD (ADQ’s venture platform), Reciprocal Ventures, and Shorooq, with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, and OTF Jasoor Ventures.
Following this round, NymCard was ranked 23rd on Forbes Middle East’s Most Funded Startups list in 2022, with a total funding of $35 million.
Looking ahead
With this latest funding, the company aims to accelerate its expansion in MENA and enhance its infrastructure for banks, fintechs, telecom providers, and enterprises.
About QED Investors
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Creditas, Credit Karma, Current, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer. Learn more at www.qedinvestors.com.
About NymCard
NymCard is the only embedded finance platform in MENA with a full-stack, API-first payment infrastructure for banks, fintechs, enterprises, and telecom providers. Operating across 10+ countries, NymCard enables seamless card issuance, transaction processing, digital lending, and real-time money movement through its proprietary nCore platform.
As the only issuer processor in MENA that fully owns its processing and switching technology, NymCard delivers unmatched speed, control, and flexibility, eliminating reliance on third-party providers. Licensed by the Central Bank of the UAE, NymCard ensures regulatory compliance, empowering financial institutions to scale and innovate with confidence.
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