NymCard Announces $7.6 Million Series A Funding

NymCard, the leading MENA Banking as a Service (BaaS) provider has announced that they have received $7.6 million in Series A Funding. This round of funding was led by Shorooq Partners in participation with OTF Jasoor Ventures and VentureSouq. With this round NymCards total raised funding amounted to $12 million to date.

Based in Abu Dhabi, NymCard delivers leading edge card issuing and processing solutions for financial institutions, banks and fintechs in the region. With proven technology the platform digitizes the payment card experience end to end helping to cut down program costs and to launch innovative customer focussed propositions in less than 8 weeks.

Using the NymCard advanced API integrations, fintechs and emerging financial services institutions are able to enter the market at speed, securely and with scale.

“We have developed the tech stack ground-up giving us speed and agility that no other legacy player can match. Over the past two years, we have served regional banks and fintechs where one of our clients today is the fastest-growing issuer in Iraq and is the first Neo Bank in the region,” Omar Onsi, Founder and CEO of NymCard.

NymCard has led the way in the MENA Region with regulatory approvals from the Financial Services Regulatory Authority (FSRA) to be able to remove more of the friction from issuing a payment card to its clients by extending its services to cover regulated activities.

Mahmoud Adi, the founding partner of Shorooq Partners said that “NymCard is solving the problem of card issuance in the region by building a regulated, technological infrastructure that is highly specialized in this area, “It allows the rest of the ecosystem to leverage their technology as a plug-and-play infrastructure to seamlessly build and launch card programs, democratizing card issuance and payments.”

“The cash to card shift continues to be a main driver in digital transformation within the payments ecosystem in the region. As a result, multiple banks, NBFIs and startups are rushing to extend card payment solutions to consumers. Card issuance and payment processing, however, it’s a tightly controlled, highly regulated, and technologically complicated process and even the largest banks in the region take months to design and issue card programs. The NymCard technology addresses these issues and enables clients to adapt their models to the new environment efficiently and cost effectively”, he added.

The Series A funding is positioned to support the growth of NymCard within the MENA region as a leading banking as a service provider (BAAS). This allows the fintech to create frictionless payment programs for other fintechs and payment innovators within the region, by removing the burden of dealing with the operational and regulatory requirements that come with issuing innovative payment card programs.

Notes to Editors

About NymCard
NymCard is a modern payments issuing and processing platform that has the infrastructure to instantly issue and configure payment cards. With it’s Open API’s the Platform is designed for startups, Fintechs, large enterprises, and banks to launch frictionless payment programs at record speed.
NymCard is headquartered in Abu Dhabi, UAE For more information, visit www.nymcard.com .


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About NymCard

NymCard is a UAE based modern cloud-based card issuing and processing platform enabling the next generation of payments in MENA. Positioned as a 'Bank as a service', NymCard works in a flexible and locally relevant approach in each country by partnering with local financial institutions and providing operational support for running the service locally while leveraging a common product for agility and economies of scale. We digitize the payment card experience end to end, which helps in cutting down program costs and launch innovative programs in as little as 8 weeks

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