• NymCard raised USD 33 million in a Series B round led by QED Investors, with participation from Shorooq, Mashreq Bank, and others.
• The company aims to expand in MENA, strengthen payment infrastructure, and enhance card issuing, embedded lending, and money movement services.
• The API-first embedded finance platform provides fintech infrastructure for banks, enterprises, and telecom firms to drive digital finance innovation.

NymCard

What happened? NymCard secured USD 33 million in its Series B funding round led by QED Investors.

There was also participation from existing investors including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor. Notably, there was also participation from Shorooq alongside new participation from Oraseya Capital. 

“”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, Head of Middle East and Africa. 

Payment Infrastructure

What will they do with the funds? With this investment, NymCard aims to solidify its presence across over 10 markets in MENA. It also aims to strengthen its payment infrastructure to better serve banks, enterprises, fintechs, and telecom providers. Furthermore, it aims to enhance its payment infrastructure across three verticals: Card Issuing Processing, Embedded Lending, and Money movement.

 “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,” said Omar Onsi, CEO of NymCard.

Who are they? NymCard is an embedded finance platform in MENA with a full stack, API-first payment infrastructure for banks, fintechs, enterprises, and telecom providers. Furthermore, it aims to enable seamless card issuance, transaction processing, digital lending and real time money movement through its nCore platform.

QED Investors is a venture capital firm based in the United States focusing on investing in disruptive financial service companies worldwide. 

Shorooq is an investment firm which focuses on investing in innovative tech companies across MENA in sectors such as fintech, platforms, software and deep tech.