The only embedded finance platform in ten or more MENA countries, NymCard, has raised $33 million in its most recent Series B funding round, which was led by QED Investors. This is the largest investment made by QED Investors in the region and the first in the Gulf, demonstrating the increasing trust that the world has in MENA’s developing fintech sector.
Strong support for the round came from both new and existing investors, including Oraseya Capital and the region’s top investment firm, Shorooq, as well as Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor. This further validates NymCard’s role in driving the region’s embedded finance future.
In order to better serve banks, businesses, fintechs, telecom providers, and others across its three main verticals—card issuing processing, embedded lending, and money movement—NymCard is expanding its footprint in more than ten MENA markets with this investment.
Only one issuer processor in the Middle East and North Africa, NymCard’s nCore platform, fully owns its processing and switching technology instead of obtaining licenses from outside parties. Clients benefit from this localized, full-stack infrastructure, which offers them unparalleled flexibility in designing, launching, and scaling payment programs. Using a fully integrated financial stack that guarantees speed, control, and efficiency, nCore, which is based on modular APIs, enables companies to easily handle card issuance, transaction processing, lending infrastructure, and real-time payments.
“This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA,” said Omar Onsi, CEO of NymCard. “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 programme management capabilities. We are especially excited to welcome QED Investors on this journey, given their unrivalled experience in fintech across multiple geographies. Their expertise will be invaluable as we further expand our impact in the region.”
With more than 50 banks, fintechs, and businesses as partners, NymCard has so far provided individualized financial services throughout the area. In Saudi Arabia, NymCard supports the country’s transition to a cashless economy by being in line with Vision 2030. With its license from the Central Bank of the UAE (CBUAE), NymCard is a vital player in the UAE, where the emphasis is on digitizing money moves. NymCard gives companies in Egypt’s flourishing fintech sector the adaptability and security they need to promote financial inclusion and innovation.
“NymCard is a true testament to the ripe and flourishing ecosystem we are seeing across MENA. ” shared Gbenga Ajayi, QED Investors’ partner, Head of Middle East and Africa. “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.”
“NymCard has firmly established itself as the market leader in fintech infrastructure across MENA, with deep customer stickiness and an expanding product suite that serves a broad range of industries. Its proprietary technology, regulatory positioning, and ability to scale across diverse markets make it a critical enabler of financial services innovation in the region. We are excited to support Omar and his exceptional team as they continue to redefine embedded finance in MENA, added Julien Plouzeau, Senior Partner at Oraseya Capital.
