NymCard Secures $22.5M in Lastest Funding Round

NymCard, a MENA-based Banking as-a-Service (BaaS) provider and card issuer, has raised $22.5M in its latest Funding round. This round takes NymCard's total Funding to over $35M.

This Venture round was led by DisruptAD - ADQ's venture platform, Reciprocal Ventures, and Shorooq Partners with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, in addition to previous and other investors.

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.  

Omar Onsi, CEO and Founder of NymCard, commenting on the investment, said, "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 $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." 

"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," said Josh Kuzon, Partner at Reciprocal Ventures. "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.