UAE’s NymCard Raises $33 Million in Series B Funding to Grow Its Embedded Finance Services
NymCard, a finance technology company based in the UAE, has raised $33 million in its latest Series B funding round. The round was led by QED Investors, making it their first investment in the Gulf region.
With this new funding, NymCard’s total investment has reached $73 million. Some of the company’s previous investors joined the round, including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Endeavor, and Shorooq. A new investor, Oraseya Capital, also took part.
Growing embedded finance in MENA
NymCard, started in 2018 by Omar Onsi, offers card issuing, payment processing, digital lending, and instant money transfers. It does this through its own platform, nCore, in more than 10 countries.
So far, NymCard has worked with over 50 financial institutions, creating customized financial solutions. Its nCore platform is fully owned by the company and provides a local, complete system. This helps clients easily build and grow their payment services.
“NymCard makes it easier for businesses to offer card services and other financial products,” said Gbenga Ajayi, a partner at QED Investors. “With its technology, it helps startups and companies in MENA grow and supports the region’s digital economy.”
Strategic acquisitions
To improve its services, NymCard bought Spotii in June 2023. Spotii is a “buy now, pay later” (BNPL) company working in Saudi Arabia, the UAE, and Bahrain. This lets NymCard offer flexible BNPL options to its clients.
NymCard has also raised significant investment. In June 2022, it raised $22.5 million from investors like DisruptAD, Reciprocal Ventures, and Shorooq, along with others. By 2022, it had raised $35 million in total and was listed 23rd on Forbes Middle East’s Most Funded Startups.
What’s next
With its new funding, NymCard plans to grow further in the MENA region and improve its systems for banks, fintech companies, telecom companies, and businesses.
Published: 19th March 2025
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