NymCard raises $7.6m for Banking-as-a-Service in MENA
NymCard, a UAE-based Banking-as-a-Service (BaaS) provider, has landed $7.6 million in Series A funding. The round was led by Shorooq Partners, with participation from OTF Jasoor Ventures and VentureSouq.
This brings NymCard’s total raised funds to $12 million to date.
Founded in 2018 in Abu Dhabi, NymCard specialises in card issuing and processing solutions for financial institutions, banks and fintechs in Middle East and North Africa (MENA). It says its technology helps users to launch “customer focused propositions in less than eight weeks”.
“We have developed the tech stack ground-up, giving us speed and agility that no other legacy player can match,” states Omar Onsi, founder and CEO of NymCard. Among the paytech’s clients is “the fastest-growing issuer in Iraq and the first neo bank in the region”, he adds.