Latest news with #AymanChalhoub
Arab News
22-03-2025
- Business
- Arab News
Fintech, gaming, and health-care capture venture interest
RIYADH: Startups across the Middle East and North Africa region continue to attract investor interest, with fintech, gaming, and health care ventures securing significant funding rounds. UAE-based fintech NymCard raised $33 million in a series B funding round led by QED Investors, with participation from Lunate, Dubai Future District Fund, and Mashreq Bank, as well as Knollwood, Reciprocal, and FJ Labs. Endeavor, Shorooq Partners, and Oraseya Capital also took part. Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard provides fintech companies with API-based solutions to integrate financial services into their applications. The latest investment will enable the company to expand across more than 10 markets in the region and enhance its payment infrastructure to serve banks, enterprises, fintechs, and telecom providers. 'This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA,' Onsi, the CEO, said. '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,' he added. This funding follows NymCard's $22.5 million venture round in 2022, led by DisruptAD and Reciprocal Ventures. ClearGrid emerges from stealth with $10 million funding Another UAE-based fintech, ClearGrid, has emerged from stealth after securing $10 million in a dual pre-seed and seed funding round. The pre-seed round of $3.5 million was co-led by Raed Ventures and Beco Capital, while the seed round of $6.5 million was co-led by Nuwa Capital and Raed Ventures. Other institutional investors include Aramco's Waed Ventures, KBW Ventures, and Sharaka, as well as 9yards Capital, Protagonist, and BYLD. Eirad Holdings, Endeavor Catalyst, and Wamda Capital also put in funds. Founded in 2023 by Khalid Al-Saud, Mohammad Al-Zaben, and Mohammad Al-Khalili, ClearGrid provides an AI-powered debt collection resolution platform for lenders. This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA. Omar Onsi, NymCard CEO 'Collections should be an extension of good lending — not an afterthought. At ClearGrid, we're reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers,' Al-Zaben said. The startup aims to develop cutting-edge artificial intelligence and machine learning-driven collections systems, alongside a Software-as-a-Service platform that enhances early risk detection and credit orchestration. 'Financial systems must evolve with the digital world. Debt resolution should be a bridge to stability, not a roadblock. At ClearGrid, we're redefining collections with a data-driven, technology-first approach that strengthens trust, ensuring credit fuels growth, not distress,' according to Al-Saud. 'This is just the first step in building the infrastructure for the future of debt resolution,' he added. The company plans to expand across MENA and beyond as it refines its offerings. PlaysOut raises $7 million to grow mini-game ecosystem In the gaming sector, PlaysOut, a UAE-based gametech startup, has secured $7 million in a seed funding round at a valuation of $70 million. Investors in the round include OKX Ventures, KBW Ventures, and Pacific Century Group. Founded in 2024 by Jassem Osseiran and Jimmie Jeremejev, PlaysOut provides a mini-games engine and SDK, enabling platforms to integrate a library of interactive mini-games. The new capital will be directed toward expanding its mini-game ecosystem, securing strategic partnerships, and entering high-growth markets such as the US, MENA, and Asia. ORO Labs raises $1.5 million for tokenized gold trading UAE-based ORO Labs, a tokenized gold platform, has raised $1.5 million in a pre-seed funding round led by 468 Capital, with participation from Fasset and angel investors. Founded in 2024 by Usman Saleem, ORO Labs offers users the ability to trade and use gold-backed assets seamlessly across financial markets. The company plans to expand its product offerings and deepen its integrations across both decentralized and traditional finance ecosystems. MENA Analytics secures funding for regional expansion Palestine-based MENA Analytics, a platform that helps enterprises gather market insights through survey tools and data capture solutions, has secured undisclosed funding from Ibtikar Fund. Founded in 2023 by Yousef Srouji, Obada Shtaya, Zayne Abudaka, and Mohammad Abu Qare, the company plans to use the new capital for expansion into Jordan and Saudi Arabia as it grows its research and analytics capabilities. raises investment to expand AI-powered legal tech services Tunisia-based a regulatory technology startup specializing in AI-powered legal document automation, has raised an undisclosed investment round from Go Big Partners and 216 Capital Ventures. Founded in 2019 by Assali Kais, Maya Boureghda Chebeane, and Anis Wahabi, Juridoc provides businesses with automated legal documentation and services. The funding will support the company's expansion into the OHADA region, which covers 17 West and Central African countries. Grinta raises funding, acquires Citi Clinic for expansion into health care Egypt-based Grinta, a pharmaceutical marketplace startup, has raised an undisclosed funding round from Beltone Venture Capital and Raed Ventures. Founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, Grinta enables pharmacies to access a traceable supply of pharmaceutical and medical products from multiple vendors, while also offering fulfillment, demand planning, and inventory financing solutions. The company has also announced the acquisition of Citi Clinic, an Egypt-based primary health care service chain that serves more than 150,000 patients. The acquisition marks Grinta's pivot from a business-to-business marketplace to a hybrid model integrating direct patient care, as well as its planned expansion into East Africa. Fawry and Contact Financial partner to enhance BNPL and fintech services Egypt's leading fintech company Fawry has signed a strategic agreement with Contact Financial Holding, one of the country's top non-banking financial services providers. The deal aims to integrate Contact's buy now, pay later service into Fawry's extensive payment network, which includes more than 370,000 point-of-sale terminals and an online platform. Through this partnership, Contact's customers will gain access to Fawry's digital payment solutions, enabling convenient installment-based purchases. Beyond BNPL, the collaboration will also cover electronic payment solutions, bill collection, and other fintech services. The initiative aligns with Egypt's broader digital transformation strategy, which seeks to reduce reliance on cash transactions and drive financial inclusion. Yango Group launches $20 milliomn venture fund Yango Group, a global tech company focused on bringing advanced technology to local communities, has launched Yango Ventures, a corporate venture fund aimed at supporting early-stage startups across Latin America, Sub-Saharan Africa, MENAP, and other high-growth regions. With an initial fund of $20 million, Yango Ventures will invest in seed to series B startups operating in the online-to-offline, B2B SaaS, and fintech sectors. The fund is designed for scalability, with plans to expand its capital base in the future as entrepreneurial ecosystems in these markets continue to develop. Beyond capital, Yango Ventures will leverage Yango Group's industry expertise, network, and operational resources to help startups scale effectively and create sustainable impact within their communities. By focusing on markets where Yango already has a strong presence, the fund aims to foster technological innovation, digitalization, and economic growth.
Wamda
20-03-2025
- Business
- Wamda
Nymcard closes $33 million Series B led by QED Investors
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.
