Latest news with #NymCard
Fintech News ME
13-05-2025
- Business
- Fintech News ME
NymCard Secures UAE License to Offer Open Finance Services
NymCard, an embedded finance platform based in Dubai, has been officially licensed to provide Open Finance services under the Central Bank of the UAE's Open Finance regulation. With this development, NymCard is among the first entities in the UAE to offer regulated payment functionality within a broader financial infrastructure through a modular platform. Omar Onsi, CEO of NymCard, said: 'Open Finance is a pivotal shift in how financial products are built and delivered. This milestone reflects our commitment to advancing the UAE's financial ecosystem by delivering impactful financial experiences.' NymCard's approach differs from providers focused only on connectivity. Instead, it offers complete financial products through a single integration. The platform is designed to support a range of sectors, including fintech firms, small and micro businesses, banks, and marketplaces that aim to embed regulated financial features into their services. Ihsan Alhayek, SVP of Open Finance at NymCard, said: 'We're enabling real-world payment use cases through secure, consent-driven A2A flows, giving consumers more choice and merchants a faster, more cost-efficient alternative. It's a major step toward building a more open and accessible payment landscape within a fully regulated framework.'
Finextra
12-05-2025
- Business
- Finextra
NymCard securesOpen Finance license in UAE
NymCard, the MENA region's leading embedded finance platform, today announced that it is now officially licensed to provide Open Finance services under the Central Bank of the UAE's Open Finance regulation. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. With this milestone, NymCard becomes one of the first entities in the UAE to embed regulated payment functionality within a broader financial infrastructure through one modular platform. Omar Onsi, CEO of NymCard, said: "Open Finance is a pivotal shift in how financial products are built and delivered. This milestone reflects our commitment to advancing the UAE's financial ecosystem by delivering impactful financial experiences." Unlike providers focused solely on connectivity, NymCard provides complete financial products through a single integration. This positions NymCard to serve a broad range of sectors including fintechs, SMEs, micro-SMEs, banks, and marketplaces looking to embed regulated financial capabilities into their user journeys. Ihsan Alhayek, SVP – Open Finance at NymCard, added: "We're enabling real-world payment use cases through secure, consent-driven A2A flows—giving consumers more choice and merchants a faster, more cost-efficient alternative. It's a major step toward building a more open and accessible payment landscape within a fully regulated framework." This announcement follows NymCard's recent $33M Series B funding round led by QED Investors, and further strengthens its position as the region's most comprehensive embedded finance provider.
Zawya
12-05-2025
- Business
- Zawya
NymCard launches Open Finance services under CBUAE Open Finance Regulation
UAE – NymCard, the MENA region's leading embedded finance platform, today announced that it is now officially licensed to provide Open Finance services under the Central Bank of the UAE's Open Finance regulation. With this milestone, NymCard becomes one of the first entities in the UAE to embed regulated payment functionality within a broader financial infrastructure through one modular platform. Omar Onsi, CEO of NymCard, said: "Open Finance is a pivotal shift in how financial products are built and delivered. This milestone reflects our commitment to advancing the UAE's financial ecosystem by delivering impactful financial experiences." Unlike providers focused solely on connectivity, NymCard provides complete financial products through a single integration. This positions NymCard to serve a broad range of sectors including fintechs, SMEs, micro-SMEs, banks, and marketplaces looking to embed regulated financial capabilities into their user journeys. Ihsan Alhayek, SVP – Open Finance at NymCard, added: "We're enabling real-world payment use cases through secure, consent-driven A2A flows—giving consumers more choice and merchants a faster, more cost-efficient alternative. It's a major step toward building a more open and accessible payment landscape within a fully regulated framework." This announcement follows NymCard's recent $33M Series B funding round led by QED Investors, and further strengthens its position as the region's most comprehensive embedded finance provider. About NymCard NymCard is the only embedded finance platform operating across 10+ MENA markets with direct scheme access (Visa, Mastercard) and full-stack infrastructure. Through a single platform, NymCard enables clients to build and launch embedded financial services—including card issuing, money movement, and lending—backed by modern APIs, regulatory compliance, and real-time controls. To learn more, visit
Fintech News ME
07-05-2025
- Business
- Fintech News ME
UAE and Saudi Arabia Lead MENA VC Increase; Fintech Remains Top Focus
Venture capital (VC) investment in the Middle East and North Africa (MENA) continues to rebound this year, driven by a rise in smaller funding rounds, strong investor focus on Saudi Arabia and the United Arab Emirates (UAE), and sustained support for fintech. According to new data from Magnitt, a financial data platform focused on emerging markets across MENA, Pakistan, and Turkey, VC funding in the region reached US$678 million in Q1 2025, representing a 58% year-over-year (YoY) increase and marking the region's highest-funded quarter since Q4 2023. Small rounds below US$100 million led VC investment activity, accounting for 76.4% of the region's total funding in Q1 2025 with US$518 million. In particular, the quarter saw a notable increase in mid- to large-sized rounds, with the US$5 million – US$20 million and US$20 million+ ranges growing by seven points. Series A and Series B investments surged as well, with funding recording a fivefold YoY increase, growing from US$54 million in Q1 2024 to US$278 million in Q1 2025. In Q1 2025, Saudi Arabia and the UAE continued to dominate the region's VC landscape, together accounting for 88% of deal value and 76% of deal count. This builds on momentum from 2024, when the two countries led VC investment in MENA. Saudi Arabia topped the chart by total funding, securing US$750 million, while the UAE led in deal volume with 188 transactions. Fintech remains top focus This year, fintech remains MENA's most attractive sector for VC investment, capturing 57% of total funding in Q1 2025. The quarter was marked by significant rounds involving leading players across the region. Tabby, a buy now, pay later (BNPL) fintech unicorn from Saudi Arabia, raised a US$160 million Series E funding round in February, pushing its valuation to US$3.3 billion. The company said it would use the proceeds to expand its financial services, including digital spending accounts, payments, cards, and money management tools. NymCard, a prominent embedded finance platform from the UAE, secured a US$33 million Series B funding round in March to deepen its presence across 10+ markets in MENA, and strengthen its payment infrastructure solutions across its three core verticals, namely card issuing processing, embedded lending, and money movement. NymCard is partnered with more than 50 banks, fintech startups, and enterprises to deliver personalized financial offerings across the region. Khazna, a financial super-app from Egypt, raised a US$16 million pre-Series B funding round in February to support its growth, with plans to apply for a digital banking license in Egypt and expand into the Saudi market. The Khazna platform integrates financial services such as loans and insurance directly into payroll accounts, alongside direct delivery of unsecured loans to gig economy workers. It claims 500,000 customers. Fintech, a historically leading vertical Fintech was also the most funded tech sector in MENA last year, including debt, according to a recent report by MENA startup data platform Wamda. The space captured 30% of total investment, continuing a trend that began in 2022. Last year, fintech attracted US$700 million in funding across 119 startups, highlighting its continued appeal to investors. Investor appetite in fintech remained strong in April, with the sector continuing to dominate the investment landscape. Fintech companies in MENA raised US$44 million last month, accounting for 19% of total funding of US$228.4 million, according to Wamda. Notable rounds included Fuse Finance's US$6.6 million seed round, Zest Equity's US$4.3 million pre-Series A, and Erad's US$16 million pre-Series A. Fuse Finance is an online fintech platform providing payout solutions for businesses from the UAE, Zest Equity is an online platform for VC investment management from the UAE, and Erad, which is based in Saudi Arabia, provides working capital to online businesses.
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.
