Investment of $33 million in Series B funding has been obtained by NymCard, Middle Eastern firm.
In a significant move for the Middle East and North Africa (MENA) region, fintech platform NymCard has raised $33 million in its Series B funding round, led by QED Investors. This investment will boost NymCard's payment infrastructure solutions to better serve banks, enterprises, fintechs, and telecom providers in the region.
NymCard's proprietary technology, 'nCore', is a localised, full-stack infrastructure designed to enable clients to design, launch, and scale payment programs. The platform is built on modular APIs, allowing businesses to manage card issuance, transaction processing, lending infrastructure, and real-time payments within a fully-integrated financial stack.
Omar Onsi, chief executive officer of NymCard, called the investment "testament to the strength of our technology and our commitment to enabling financial innovation in MENA". Julien Plouzeau, senior partner at Oraseya Capital, stated that NymCard has firmly established itself as the market leader in fintech infrastructure across MENA.
NymCard's mission is to bridge the fintech gap and empower businesses with the infrastructure they need to innovate. Ajayi, QED Investors' partner, head of Middle East and Africa, stated that NymCard is a testament to the ripe and flourishing ecosystem in MENA. With its API-first approach, NymCard is expanding financial access for startups and enterprises, driving SME growth, and strengthening MENA's digital economy.
The funding round was also participated in by 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's regulatory positioning and ability to scale across diverse markets make it a critical enabler of financial services innovation in the region.
The MENA region is rapidly evolving into a global fintech powerhouse, with major expansion in open banking frameworks, digital payments, AI-powered financial services, and embedded finance. By 2025, the region is expected to be at the forefront of open banking, open finance, and open data innovation, driven by robust investments, regulatory backing, advanced API ecosystems, and widespread consumer adoption of digital financial services.
This investment in NymCard underscores the potential for fintech growth in the MENA region, as the region transforms from an emerging market to a leading fintech hub, supported by trailblazing regulations, strong public-private collaboration, and a thriving culture of innovation, especially in the UAE, Saudi Arabia, and Egypt.
