QED Investors leads $33mln investment in NymCard, strengthening MENA's payments infrastructure

Zawya

19-03-2025

Dubai, United Arab Emirates – 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 localized, full-stack infrastructure gives clients a competitive edge, enabling them to design, launch, and scale payment programs 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 program management capabilities. We are especially excited to welcome QED Investors on this journey, given their unrivaled 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 personalized 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 digitizing 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.
For more information, visit www.nymcard.com or follow NymCard on LinkedIn.
About QED Investors
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners' decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Creditas, Credit Karma, Current, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer. Learn more at www.qedinvestors.com.
About NymCard
NymCard is the only embedded finance platform in MENA with a full-stack, API-first payment infrastructure for banks, fintechs, enterprises, and telecom providers. Operating across 10+ countries, NymCard enables seamless card issuance, transaction processing, digital lending, and real-time money movement through its proprietary nCore platform.
As the only issuer processor in MENA that fully owns its processing and switching technology, NymCard delivers unmatched speed, control, and flexibility, eliminating reliance on third-party providers. Licensed by the Central Bank of the UAE, NymCard ensures regulatory compliance, empowering financial institutions to scale and innovate with confidence.
For more information, visit www.nymcard.com or follow NymCard on LinkedIn.
About Shorooq
Founded in 2017, Shorooq is a multi-dimensional investment firm. Our venture capital and credit practice invests in the most innovative technology companies across the MENA region and beyond. We have built deep sectoral expertise in fintech, platforms, software, and deep tech. Shorooq has backed category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo.
Shorooq was built on the values of building with founders and identifying attractive returns for investors. We pride ourselves on a local presence across the UAE, Saudi Arabia, Egypt and Korea.
Visit us at www.shorooq.com
Shorooq refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004 as a category 3C Fund Manager) is a member.
Media Contacts:
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Chief Marketing Officer, Shorooq
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