MENA-based banking-as-a-service provider NymCard has closed a fresh funding round on $22.5m to support boost its presence in the region.
The funding round was led by DisruptAD, Reciprocal Ventures and Shorooq Partners, with additional support coming from Chimera, DFDF, Knollwood, Endeavor Catalyst and OTF Jasoor Ventures.
NymCard currently has presence in Abu Dhabi, Dubai, Riyadh, Cairo, and Karachi, and is planning to bolster its presence in these core markets with local partnerships. Funds will also be used to hire more staff.
Founded in 2018, NymCard’s platform enables FinTechs to plug-and-play ready finance into their applications through over 150 APIs. Clients can use this to quickly create a selection of payment services, including virtual and physical cards, corporate expenses cards, buy now, pay later, multi-currency, money transfers, tokenisation, card management and more.
NymCard CEO and founder Omar Onsi 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.”
In 2021, the company signed over 20 new clients. There are over 300 FinTechs leveraging its platform and sandbox environment, it said.
Reciprocal Ventures partner Josh Kuzon said, “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.”
With the close round, the FinTech company has raised a total of $35m. The company previously raised $7.6m in its Series A in February 2021.
Earlier in the year, Egypt-based credit app Lucky raised $25m in its Series A funding round. The company provides consumers with up to 50% cashback from thousands of merchants.
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