NymCard, MENA-based Banking as-a-Service (BaaS) provider and card issuer, raised $22.5m in its latest funding round. The round was led by DisruptAD, Reciprocal Ventures, and Shorooq Partners with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst and OTF Jasoor Ventures.
NymCard already has a presence in Abu Dhabi, Dubai, Riyadh, Cairo and Karachi and they intend to use the raised funds to further grow its teams and strengthen its service in core markets.
This will help it enable MENA-based FinTechs with the infrastructure required from BIN sponsorship, card issuing, program management, compliance, FX, and treasury.
“This is only the beginning of NymCard’s journey and a sign that we are solving major pain points for FinTechs in this region. As we move towards a $7 Trillion embedded finance market, we aim to evolve and enhance our offering to transform the payments industry and serve our client’s needs in the region,” Omar Onsi, CEO and Founder of NymCard, said.
Founded in 2018 by Omar Onsi, NymCard’s Platform enables FinTechs to plug and play ready finance into their applications through modern APIs. This enables their clients to focus on building their product proposition rather than deal with complex payment rails.
NymCard currently supports financial institutions with emerging use cases, including gig economy, multi-currency, money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings, and youth banking applications.
Read more: Lebanese delivery app toters raises $15 million in a Series B round
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.