Latest news with #GbengaAjayi
Zawya
17-04-2025
- Business
- Zawya
South Africa: Cape Town fintech Stitch secures $53mln in funding
Payments infrastructure company Sitch a $55m (R1bn) Series B funding round, led by global investment firms QED Investors, Glynn Capital, Flourish Ventures, and Norrsken22, with participation from existing backers Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital. This brings Stitch's total funding to $107m since launching four years ago. The company plans to use the latest round to deepen and expand its in-person payments offering, move into the acquiring space, and further enhance its online payments suite. 'We're super excited and proud to be where we are in the market today. We feel we've earned the right to work with clients across the board – not just for online or in-person payments but with any money movement needs,' said the Stitch team. 'It felt like the right time to more aggressively expand our offering so we can further serve our clients. We've been fortunate to know all the new investors in the round for many years, and they all come with an impressive amount of fintech experience, including support in scaling similar businesses in other markets.' Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, commented: 'Having closely followed the Stitch team over the past four years, it's been impressive to watch their rapid growth and execution in becoming a trusted payment provider. 'At QED Investors, we're thrilled to partner with such visionary founders and confident that Stitch will continue to set new standards in the payments industry across Africa and beyond.' Stitch currently supports some of South Africa's top enterprise businesses, including Takealot, Mr. D, MTN, Vodacom, Standard Bank's Shyft, TFG's Bash, Hollywoodbets, Luno, The Courier Guy, and more. Its platform includes a full suite of end-to-end payment methods: - Card, Pay by bank, Apple Pay, Google Pay, Samsung Pay, Capitec Pay, Absa Pay, Nedbank Direct EFT, DebiCheck, manual EFT, cash, and 24/7, 365 payouts - In-person payments across multi-lane retail and omnichannel businesses
Zawya
19-03-2025
- Business
- Zawya
UAE's NymCard secures $33mln funding to drive financial innovation in MENA
UAE – Dubai-based NymCard, MENA's trusted partner in embedded finance, 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, 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
Mid East Info
19-03-2025
- Business
- Mid East Info
QED Investors Leads $33M Investment in NymCard, Strengthening MENA's Payments Infrastructure - Middle East Business News and Information
UAE: 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 time leading a deal in the Gulf Cooperation Council — 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, Shorooq and Endeavor, 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 r ipe 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 Capita l. 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. 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.
Zawya
19-03-2025
- Business
- Zawya
QED Investors leads $33mln investment in NymCard, strengthening MENA's payments infrastructure
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 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 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 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 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: Tarek Fouad Chief Marketing Officer, Shorooq Shorooq Group Press: press@ Direct: tfouad@
