BaaS Provider NymCard Raises $22.5M

NymCard has raised $22.5 million in a new funding round, the card issuer and Banking-as-a-Service (BaaS) provider announced Wednesday (June 8).

“With a presence in Abu Dhabi, Dubai, Riyadh, Cairo and Karachi, NymCard intends to use these funds to further grow its teams and strengthen its service in core markets, forming all the right local partnerships and setups,” the company said in a news release.

According to the release, this funding brings Abu Dhabi-based NymCard’s total financing to more than $35 million. The round was led by by DisruptAD, Reciprocal Ventures and Shorooq Partners, along with Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, as well as returning and new investors.

Founded in 2018, NymCard’s platform lets FinTechs “plug and play ready finance into their applications through modern APIs,” which in turn helps their clients focus on their business rather than dealing with complicated payment rails.

The company works with a variety of financial institutions in the MENA (Middle East and North Africa) region on services that include money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings and youth banking applications.

“This is only the beginning of NymCard’s journey and a sign that we are solving major pain points for FinTechs in this region,” said Omar Onsi, NymCard’s founder and CEO. “As we move towards a $7 trillion 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.”

See also: FOO and NymCard Offer End-to-End Payment Solutions to MENA Business Owners

Earlier this year, NymCard teamed with FOO, a business-to-business software-as-a-service platform in the United Arab Emirates to offer digital payment services for businesses in the region.

“NymCard and FOO’s collaboration is a step forward for the region’s ecosystem as it provides nontraditional financial institutions such as FinTech’s, digital banks, governments, telcos, exchange houses and retailers with a comprehensive end-to-end payment solution enabling them to digitize and elevate their customers’ experience,” Nymcard said at the time.