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Can NymCard’s $33M Raise Transform Embedded Finance in MENA?

by Brain Walker

Image Credit: freepik / Freepik

Can NymCard’s $33M Raise Transform Embedded Finance in MENA?

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NymCard, an embedded finance platform operating in over ten countries in the MENA region, has successfully raised $33 million in a Series B funding round led by QED Investors. This investment marks QED’s largest in the MENA region and its first in the Gulf, showcasing increasing global confidence in the area’s fintech ecosystem. Existing investors, including Lunate, Dubai Future District Fund, and Mashreq Bank, along with new backer Oraseya Capital, participated in the round, underscoring NymCard’s impactful role in the future of embedded finance in the region.

NymCard aims to deepen its presence in the MENA region by enhancing its payment infrastructure solutions for banks, enterprises, fintechs, and telecom providers. The focus will be on three core areas: Card Issuing Processing, Embedded Lending, and Money Movement. The company’s nCore platform, unique in the region for fully owning its processing and switching technology, provides a significant competitive advantage. This infrastructure allows clients to design, launch, and scale payment programs flexibly and efficiently.

CEO Omar Onsi highlighted that the investment validates the strength of NymCard’s technology and its dedication to financial innovation in the MENA region. NymCard partners with over 50 banks, fintechs, and enterprises to facilitate personalized financial offerings and support regional initiatives like Saudi Arabia’s Vision 2030 and the UAE’s push towards a cashless economy. The platform also promotes financial inclusion and innovation in Egypt.

Gbenga Ajayi, a partner at QED Investors, commended NymCard for bridging the fintech gap in MENA with its innovative solutions, which enhance financial access for startups and enterprises, boost SME growth, and strengthen the digital economy. Julien Plouzeau of Oraseya Capital praised NymCard for its strong customer loyalty, expanding product suite, and capacity to scale across diverse markets, contributing to financial services innovation in the region.

NymCard’s successful funding round will accelerate its mission to transform embedded finance in MENA by providing comprehensive and localized financial solutions. The support from notable investors solidifies its market leadership and potential to drive significant economic growth and innovation in the region’s fintech landscape.

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