On Wednesday, NymCard, a leading embedded finance platform in the Middle East and North Africa (MENA), announced that it had secured $33 million in a Series B funding round led by QED Investors.
This investment marks QED Investors’ first venture into the Gulf region and underscores the growing confidence in MENA’s fintech sector.
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NymCard’s investment and expansion plans
NymCard’s latest funding round saw strong participation from existing investors such as Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Shorooq, and Endeavor, as well as new investor Oraseya Capital.
NymCard will expand its payment infrastructure solutions for banks, companies, fintechs, and telecom providers in over 10 MENA areas with this investment.
The company’s proprietary nCore platform is the only issuer processor in MENA that fully owns its processing and switching technology, providing clients with unmatched flexibility and speed.
Omar Onsi, CEO of NymCard, highlighted the importance of this investment: “This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA.”
“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,” Onsi added.
“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.”
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NymCard strengthens MENA’s payments infrastructure
NymCard’s nCore platform offers seamless card issuance, transaction processing, digital lending, and real-time money movement through modular APIs.
This financial stack gives businesses speed, control, and efficiency. NymCard offers MENA-wide customised financial services through over 50 banks, fintechs, and enterprises.
In countries like Saudi Arabia and the UAE, NymCard supports national initiatives toward a cashless economy and digital money movement.
Gbenga Ajayi, QED Investors’ partner and Head of Middle East and Africa, noted: “NymCard is a true testament to the ripe and flourishing ecosystem we are seeing across MENA. 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.”