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EgyptQED Investors Leads $33M Series B as NymCard Expands MENA Fintech Reach
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NymCard, a Middle Eastern embedded finance platform, raised $33 million in a Series B round.
QED Investors led the investment, marking their first venture funding in the Gulf region.
NymCard operates in over 10 countries, offering financial infrastructure to various businesses.
Their in-house platform, nCore, provides seamless card issuing and payment processing.
With new funding, NymCard aims to expand its customised financial solutions across the region.
Middle Eastern embedded finance platform NymCard has successfully completed a $33 million Series B funding round, led by the prominent global investor, QED Investors. Interestingly, it's the most significant regional investment by QED Investors to date and also marks their very first foray into funding ventures in the Gulf. Clearly, that's a ringing endorsement of the potential they see in the region’s booming fintech scene.
Joining in this latest funding effort were existing backers including Lunate, Dubai Future Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Endeavor, and Shorooq, along with newcomer investor Oraseya Capital.
For those who've been around the fintech block, you'll know that NymCard isn't exactly a fresh-faced rookie. Its operations currently span more than 10 countries across the Middle East and North Africa, offering crucial financial infrastructure to banks, fintech startups, telecom providers, and an array of other businesses. The services they provide cover everything from issuing and processing payment cards and embedded finance to tailored money-transfer solutions.
NymCard's standout offering—its proprietary platform called nCore—is something of a game changer as it's the region's sole payment platform built entirely in-house. This independence means NymCard avoids relying on third-party plateformes, giving users a clear competitive advantage when developing, launching, and scaling their payment programmes.
The technology's flexibility is particularly impressive. Thanks to user-friendly APIs, businesses accessing nCore can smoothly manage card issuing, payment processing, real-time transactions, and lending services—all neatly integrated to ensure speed, control, and efficiency.
Today, NymCard collaborates with over 50 banks, fintechs, and businesses across the region, providing customised financial solutions in several markets. Given this new injection of funds, it's safe to say we'll probably be hearing a lot more from NymCard in the near future. A bit like a hidden gem you'd spot on Arageek, they've been quietly shaking things up, and now they appear set to make plenty more noise on the fintech stage.
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