NymCard – MENA-based Banking as-a-Service (BaaS) provider and card issuer has raised $22.5M in its latest Funding round. This will help it enable MENA-based FinTechs with the infrastructure required from BIN Sponsorship, Card Issuing, Program Management, Compliance, FX, and Treasury, leverage its over 150+ modern and open APIs on a platform that was developed from the ground up; giving its clients unprecedented agility and speed!
This round takes NymCard's total Funding to over $35M.
This Venture round was led by DisruptAD - ADQ's venture platform, Reciprocal Ventures, and Shorooq Partners with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, in addition to previous and other investors.
With a presence in Abu Dhabi, Dubai, Riyadh, Cairo, and Karachi, NymCard intends to use these funds to further grow its teams and strengthen its service in core markets, forming all the right local partnerships and setups.
"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," said Josh Kuzon, Partner at Reciprocal Ventures. "We feel that next-generation FinTech solutions will continue to replace legacy technology, and the experienced leadership at NymCard recognized this early on, and we're excited to work with Omar and the team at NymCard as they enable the future of finance in the MENA region."
Founded in 2018 by technology entrepreneur Omar Onsi, NymCard's Platform enables FinTechs to plug and play ready finance into their applications through modern APIs. This enables their clients to focus on building their product proposition rather than deal with complex payment rails. NymCard currently supports some of the region's most innovative financial institutions with 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 in addition to many more.
Omar Onsi, CEO and Founder of NymCard, commenting on the investment, 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."
NymCard has signed over 20+ clients in 2021 alone, and over 300 FinTechs are using their platform and Sandbox environment; NymCard is well-positioned to further support the region's FinTech ecosystem, which is experiencing rapid growth with venture investments growing year on year.
NymCard is the only MENA-based Banking as-a-Service (BaaS) provider that has built its tech stack from the ground up and is also regulated by the central bank of the UAE. They offer FinTechs and other industry innovators the infrastructure to plug and play ready finance into their applications with just one integration and one partner, which enables them to passport their payments programs across multiple markets across three regions.
NymCard's mission is to remove the friction and complexity for FinTechs building payment products and let its clients focus on what they do best - serving their end client and not dealing with complex payment rails. Some use cases include; gig economy, multi-currency wallets, money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings, youth banking applications, and many more.
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DisruptAD, ADQ's venture platform, was launched to accelerate innovation by targeting the world's biggest challenges through incubation, investment, and commercial scaling opportunities. DisruptAD also seeks to unleash the potential of the UAE's innovative and entrepreneurial ecosystem by bringing together highly skilled founders, fund managers, incubators, and accelerators to build, support, and scale disruptive technologies from Abu Dhabi.
About Reciprocal Ventures
Reciprocal Ventures is a New York-based Venture Capital firm specializing in Web3 and FinTech. As former operators, investors, and executives, Reciprocal focuses on expanding its knowledge and network within these industries. Reciprocal is an active investor and business advisor who takes pride in brainstorming new approaches, advancing strategy, and helping to assemble winning teams for its portfolio companies.
Founded in 2017, Shorooq Partners is a leading venture capital firm investing in the most innovative startups across the Middle East, North Africa, and Pakistan (MENAP region). The firm built deep sectoral expertise in Fintech, Platforms, Software, and Web3.0. Shorooq Partners has backed market-leading disruptors, some of which include Pure Harvest Smart Farms, Nymcard, Sarwa, Lean Technologies, TruKKer, Capiter, Retailo, Airlift, Mozn, and Penny. Since its inception, Shorooq Partners was built on the principle of being founders' partners, company builders, and value investors.
Shorooq Partners is headquartered in Abu Dhabi, UAE, and has offices across KSA, Bahrain, Egypt, and Pakistan.
Dubai, UAE – XX June, 2022: Mastercard has certified NymCard, a plug-and-play banking-as-a-service (BaaS) provider, as a Principal Mastercard Issuer in the UAE. The milestone announcement marks the first time a fintech in the UAE is licensed to issue cards by Mastercard.