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Mena Banking-as-a-Service player NymCard raises $22.5 million

Mena Banking-as-a-Service player NymCard raises $22.5 million

Abu Dhabi-based banking-as-a-service vendor NymCard has raised $22.5 million in a venture round led by DisruptAD – ADQ’s venture platform, Reciprocal Ventures, and Shorooq Partners

This round, which also includes participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, in addition to previous and other investors, takes NymCard‘s total funding to over $35 million.

With a presence in Abu Dhabi, Dubai, Riyadh, Cairo, and Karachi, 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.

Founded in 2018, NymCard currently supports multiple emerging use cases, including gig economy, multi-currency, money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings, and youth banking applications.

Omar Onsi, CEO and founder of NymCard, commenting on the investment, says: “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.”

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