Abu Dhabi-based banking-as-a-service vendor NymCard has raised $7.6 million in Series A financing.
The round was led by Shorooq Partners in participation with OTF Jasoor Ventures and VentureSouq and brings NymCard's total funding to $12 million to date.
NymCard majors in removing the operational friction required by fintechs and startups to issue their own payment cards. The firm says it can take six months off the usual eight month timescale to get payment services up and running.
Omar Onsi, founder and CEO of NymCard, explains: “We have developed the tech stack ground-up giving us speed and agility that no other legacy player can match. Over the past two years, we have served regional banks and fintechs where one of our clients today is the fastest-growing issuer in Iraq and is the first neo bank in the region.”
After launching in Lebanon in 2018 NymCard shifted its headquarters to Abu Dhabi in 2020, becoming part of the capital city’s global tech ecosystem Hub71. The firm in August received in-principle approval (IPA) from the Financial Services Regulatory Authority (FRSA) to hold and transfer money, issue payment instruments with stored value and carry out currency exchange.