Nymcard closes $33 million Series B led by QED Investors

Wamda

20-03-2025

UAE-based fintech Nymcard has raised $33 miilion in series B funding round, led by QED Investors, and joined by Lunate, Dubai Future District Fund (DFDF), Mashreq Bank, Knollwood, Reciprocal, FJ Labs, Endeavor, Shorooq Partners, and Oraseya Capital.
Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard enables fintech companies to plug-and-play ready finance into their applications through modern APIs.
With this investment, NymCard intends to deepen its presence across 10+ markets in MENA and strengthen its payment infrastructure solutions to better serve banks, enterprises, fintechs and telecom providers.
In 2022, NymCard closed a $22.5 million venture round, led by DisruptAD, Reciprocal Ventures, and other investors.
Press release:
NymCard, the only embedded finance platform operating across 10+ countries in MENA, has secured $33 million in its latest Series B funding round, led by QED Investors. This marks QED Investors' most significant investment in the region and the first one in the Gulf, underscoring the growing global confidence in MENA's expanding fintech ecosystem.
The round saw strong backing from existing investors, including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor, with the region's leading investment institution, Shorooq, alongside new participation from Oraseya Capital, further validating NymCard's role in powering the future of embedded finance in the region.
With this investment, NymCard is deepening its presence across 10+ markets in MENA, strengthening its payment infrastructure solutions to better serve banks, enterprises, fintechs, telecom providers, and more across its three core verticals: Card Issuing Processing, Embedded Lending, and Money movement.
NymCard's nCore platform is the only issuer processor in MENA that fully owns its processing and switching technology, rather than licensing from third parties. This localised, full-stack infrastructure gives clients a competitive edge, enabling them to design, launch, and scale payment programmes with unmatched flexibility. Built on modular APIs, nCore allows businesses to seamlessly manage card issuance, transaction processing, lending infrastructure, and real-time payments—all within a fully integrated financial stack that ensures speed, control, and efficiency.
'This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA,' said Omar Onsi, CEO of NymCard. '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 programme management capabilities. We are especially excited to welcome QED Investors on this journey, given their unrivalled experience in fintech across multiple geographies. Their expertise will be invaluable as we further expand our impact in the region.'
To date, NymCard has partnered with 50+ banks, fintechs, and enterprises, delivering personalised financial offerings across the region. In Saudi Arabia, NymCard aligns with Vision 2030, supporting the country's shift toward a cashless economy. In the UAE, where the focus is on digitising money movement, NymCard plays a key role as a licensed entity under the Central Bank of the UAE (CBUAE). In Egypt, with its thriving fintech ecosystem, NymCard provides the flexibility and security needed for businesses to drive financial inclusion and innovation.
'NymCard is a true testament to the ripe and flourishing ecosystem we are seeing across MENA. " shared Gbenga Ajayi, QED Investors' partner, Head of Middle East and Africa. "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.'
'NymCard has firmly established itself as the market leader in fintech infrastructure across MENA, with deep customer stickiness and an expanding product suite that serves a broad range of industries. Its proprietary technology, regulatory positioning, and ability to scale across diverse markets make it a critical enabler of financial services innovation in the region. We are excited to support Omar and his exceptional team as they continue to redefine embedded finance in MENA, added Julien Plouzeau, Senior Partner at Oraseya Capital.