UAE's NymCard secures $33mln funding to drive financial innovation in MENA
This marks QED Investors' most significant investment in the region and the first one in the Gulf, according to a press release.
The round witnessed the participation of existing investors, including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor.
NymCard will use the funding to expand its business in over 10 markets in the MENA region, reinforcing its payment infrastructure solutions to serve banks, enterprises, fintechs, and telecom providers.
Omar Onsi, CEO of NymCard, commented: '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.'
Gbenga Ajayi, QED Investors' partner, Head of Middle East and Africa, said: "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,' Ajayi added.
To date, NymCard has partnered with more than 50 banks, fintechs, and enterprises, delivering personalised financial offerings across the region.
NymCard aligns with Saudi Vision 2030 which supports the Kingdom's shift toward a cashless economy.
As for the UAE, NymCard plays a key role as a licensed entity under the Central Bank of the UAE (CBUAE).
In Egypt, the company provides the flexibility and security needed for businesses to bolster financial inclusion and innovation.
Source: Mubasher
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