FinTech app NymCard raises $22.5M in funding

NymCard, a MENA-based provider of Banking as a Service (BaaS), has raised $22.5 million in its latest fundraising round. DisruptAD – ADQ’s venture platform, Reciprocal Ventures, and Shorooq Partners led the round, with Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, with prior and additional investors joining in. NymCard has already raised over $35 million in total funding.

Founded in 2018 by tech entrepreneur Omar Onsi, NymCard’s Platform lets FinTechs to integrate ready-to-use financing into their products using current APIs. This allows clients to concentrate on developing their product rather than dealing with complicated payment systems.

NymCard currently works with some of the region’s most forward-thinking financial institutions on emerging use cases such as gig economy, multi-currency, money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings, and youth banking applications, among others.

In response to the investment, Omar Onsi, CEO and Founder of NymCard, stated: “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 focused on supporting the region’s FinTech industry, which is thriving with venture capital investments rising year after year. Reciprocal Ventures Partner Josh Kuzon offered his thoughts on the subject. “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.” 

See Also

Using NymCard’s APIs, the new funding will assist NymCard in providing MENA-based FinTechs with the infrastructure they need for BIN Sponsorship, Card Issuing, Program Management, Compliance, FX, and Treasury. NymCard, that has offices in Abu Dhabi, Dubai, Riyadh, Cairo, and Karachi, hopes to use the investment to expand its team and improve its service in key regions.

“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. 

Bahrain-based digital platform and publication for startups in the Middle East. Exclusive events, in-depth workshops, insightful content, and informative news. In strategic partnership with Tamkeen Bahrain, Zain Bahrain, National Bank of Bahrain, Zoho, Tenmou, and StartUp Bahrain.

Startup MGZN © 2020. All Rights Reserved.