Embedded finance platform NymCard has raised $33m in a Series B financing round, led by QED Investors.
Existing investors such as Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Shorooq, and Endeavor also supported the fundraise.
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New investment came from Oraseya Capital.
With the new capital, NymCard aims to expand its market reach across more than ten countries in the Middle East and North Africa (MENA) region.
The company will also enhance its payment infrastructure solutions, which cater to a diverse clientele including banks, enterprises, fintechs, and telecom providers.
NymCard’s services span three core verticals, including card issuing processing, embedded lending, and money movement.
NymCard’s nCore platform is claimed to be the only issuer processor in MENA that fully owns its processing and switching technology. This system enables clients to design, launch, and scale payment programmes with flexibility.
The platform’s modular APIs support management of card issuance, transaction processing, lending infrastructure, and real-time payments within a unified financial framework.
QED Investors’ partner and Middle East and Africa head Gbenga Ajayi said: “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.”
So far, NymCard has established partnerships with over 50 banks, fintechs, and enterprises, delivering customised financial services across MENA.
NymCard supports Saudi Arabia’s Vision 2030 by facilitating the shift to a cashless economy. In the UAE, it operates as a licenced entity under the Central Bank.
NymCard CEO Omar Onsi said: “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.”
Faysal Bank Limited (FBL) and NymCard have formed a partnership to enhance financial services in Pakistan. This collaboration will provide a Banking-as-a-Service (BaaS) platform, enabling fintech companies to deliver financial services to consumers and businesses.
The alliance aims to facilitate fintechs by offering a compliant banking solution, addressing regulatory requirements that mandate collaboration with licenced institutions.
