NymCard is a Major Leap for MENA Fintech
UAE-based fintech NymCard has raised $33 million in a Series B funding round, marking a significant milestone in the region’s embedded finance sector. The round was led by QED Investors highlighting the growing confidence in the region’s fintech ecosystem. This makes it their largest investment in MENA and their first in the Gulf
The investment also saw participation from Lunate, Dubai Future District Fund (DFDF), Mashreq Bank, Knollwood, Reciprocal, FJ Labs, Endeavor, Shorooq Partners, and Oraseya Capital.
Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard provides fintech companies with plug-and-play financial solutions. They do this through modern APIs, allowing them to seamlessly integrate financial services into their platforms.
NymCard aims to Expand Across MENA
With this fresh funding, NymCard is expanding its presence in over 10 markets across MENA. It will also strengthen its payment infrastructure solutions for banks, enterprises, fintech startups, and telecom providers. The company operates across three key verticals:
- ✅ Card Issuing Processing – Enabling businesses to launch and manage card programs
- ✅ Embedded Lending – Offering credit solutions through seamless digital integrations
- ✅ Money Movement – Facilitating secure, real-time transactions
“This investment is a testament to the strength of our technology and our commitment to driving financial innovation in MENA,” said Omar Onsi, CEO of NymCard. “With QED Investors’ backing, we will continue pushing the boundaries of embedded finance, ensuring our clients have access to cutting-edge payment infrastructure and program management capabilities.”
A Fully Integrated Fintech Stack
NymCard stands out as the only issuer processor in MENA that fully owns its processing and switching technology rather than relying on third-party providers. This gives businesses a competitive edge by offering unmatched flexibility in designing, launching, and scaling their payment programs.
Through its nCore platform, NymCard provides a modular API-based infrastructure that enables businesses to:
- Manage card issuance and transaction processing
- Implement embedded lending solutions
- Facilitate real-time money movement
This full-stack approach ensures speed, control, and efficiency, empowering fintech startups and large enterprises alike to scale their financial services.
Driving Financial Innovation Across the Region
NymCard’s impact extends across several key markets:
- Saudi Arabia – Aligning with Vision 2030 by supporting the nation’s move towards a cashless economy
- UAE – Playing a key role in the country’s digital payments transformation, operating under CBUAE regulations
- Egypt – Enabling businesses to drive financial inclusion and innovation in a fast-growing fintech landscape
“NymCard is filling a crucial gap in MENA’s fintech ecosystem,” said Gbenga Ajayi, Partner & Head of Middle East and Africa at QED Investors. “By offering out-of-the-box embedded finance solutions, they are empowering businesses with the infrastructure needed to innovate. Their API-first approach is driving SME growth and strengthening MENA’s digital economy.”
The Future of Embedded Finance in MENA
With 50+ banking and fintech partners, NymCard has established itself as the market leader in fintech infrastructure across MENA. Its proprietary technology, regulatory compliance, and ability to scale across diverse markets make it a key player in the region’s financial innovation landscape.
“NymCard’s strong customer retention, expanding product suite, and regulatory positioning make it a critical enabler of financial services innovation,” said Julien Plouzeau, Senior Partner at Oraseya Capital. “We are excited to support Omar and his exceptional team as they redefine embedded finance in MENA.”
With this new investment, NymCard is set to revolutionize embedded finance in the region, making financial services more accessible, scalable, and seamless for businesses of all sizes.