- UAE-based Banking as-a-Service (BaaS) provider NymCard, has raised $22.5 million in a venture round, led by DisruptAD, Reciprocal Ventures, and Shorooq Partners with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, in addition to previous and other investors.
- 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.
- The new funds will help NymCard elevate its capabilities to provide Mena-based fintech with solutions.
MENA-based Banking as-a-Service (BaaS) provider NymCard has raised $22.5 million in its latest funding round. This Venture round was led by DisruptAD - ADQ's venture platform, Reciprocal Ventures, and Shorooq Partners with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, in addition to previous and other investors. This round takes NymCard's total Funding to over $35 million.
Founded in 2018 by technology entrepreneur Omar Onsi, NymCard's Platform enables FinTechs to plug and play ready finance into their applications through modern APIs. This enables their clients to focus on building their product proposition rather than deal with complex payment rails.
NymCard currently supports some of the region's most innovative financial institutions with emerging use cases, including gig economy, multi-currency, money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings, and youth banking applications in addition to many more. Omar Onsi, CEO and Founder of NymCard, commenting on the investment, said, "This is only the beginning of NymCard's journey and a sign that we are solving major pain points for FinTechs in this region. As we move towards a $7Trn embedded finance market, we aim to evolve and enhance our offering to transform the payments industry and serve our client's needs in the region."
NymCard is aimed at further supporting the region's fintech ecosystem, which is experiencing rapid growth with venture investments growing year on year. Josh Kuzon, Partner at Reciprocal Ventures shared his thoughts on the matter, "At Reciprocal, we back founders who are charting new paths for our financial system, and we're thrilled to support Nymcard, a foundational fintech company focused on the Middle East and Africa regions. NymCard's modern payment infrastructure will enable a cycle of innovation in these burgeoning tech markets in the coming decade.”
The new funds will help NymCard in enabling MENA-based FinTechs with the infrastructure required from BIN Sponsorship, Card Issuing, Program Management, Compliance, FX, and Treasury, leveraging its APIs. With a presence in Abu Dhabi, Dubai, Riyadh, Cairo, and Karachi, NymCard intends to use these funds to further grow its teams and strengthen its service in core markets. “We feel that next-generation FinTech solutions will continue to replace legacy technology, and the experienced leadership at NymCard recognized this early on, and we're excited to work with Omar and the team at NymCard as they enable the future of finance in the MENA region," concluded Kuzon.