NymCard, a MENA Banking as a Service (BaaS) provider has announced that they have received $7.6 million in Series A Funding. This round of funding was led by Shorooq Partners in participation with OTF Jasoor Ventures and VentureSouq. With this round NymCards total raised funding amounted to $12 million to date.
Based in Abu Dhabi, NymCard delivers card issuing and processing solutions for financial institutions, banks and fintechs in the region. With proven technology, the platform digitises the payment card experience end to end helping to cut down program costs and to launch innovative customer-focused propositions in less than 8 weeks.
Using the NymCard advanced API integrations, fintechs and emerging financial services institutions are able to enter the market at speed, securely and with scale.
“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,” Omar Onsi, Founder and CEO of NymCard.
NymCard has led the way in the MENA Region with regulatory approvals from the Financial Services Regulatory Authority (FSRA) to be able to remove more of the friction from issuing a payment card to its clients by extending its services to cover regulated activities.
Mahmoud Adi, the founding partner of Shorooq Partners said that “NymCard is solving the problem of card issuance in the region by building a regulated, technological infrastructure that is highly specialized in this area, “It allows the rest of the ecosystem to leverage their technology as a plug-and-play infrastructure to seamlessly build and launch card programs, democratizing card issuance and payments.”
“The cash to card shift continues to be the main driver in digital transformation within the payments ecosystem in the region. As a result, multiple banks, NBFIs and startups are rushing to extend card payment solutions to consumers. Card issuance and payment processing, however, it’s a tightly controlled, highly regulated, and technologically complicated process and even the largest banks in the region take months to design and issue card programs. The NymCard technology addresses these issues and enables clients to adapt their models to the new environment efficiently and cost-effectively,” he added.
The Series A funding is positioned to support the growth of NymCard within the MENA region as a leading banking as a service provider (BAAS). This allows the fintech to create frictionless payment programs for other fintechs and payment innovators within the region, by removing the burden of dealing with the operational and regulatory requirements that come with issuing innovative payment card programs.