NymCard Raises $33 Million Series B to Fuel MENA Expansion
NymCard, a leading Banking-as-a-Service (BaaS) provider in the Middle East and North Africa (MENA) region, has secured a $33 million Series B funding round. This investment, led by QED Investors, demonstrates strong confidence in NymCard's growth trajectory and its potential to transform financial services in MENA.
About NymCard
NymCard enables businesses to issue branded cards and create custom payment solutions. Companies can offer innovative financial products without building complex banking infrastructure. By handling regulatory compliance, card issuance, and payment processing, NymCard allows businesses to focus on their core strengths. Their modern API infrastructure is especially valuable in MENA, where fintech infrastructure remains in development.
Investment and Investors
QED Investors, a venture capital firm with global fintech expertise, led the Series B round. Existing investors Reciprocal Ventures, Arbor Ventures, Endeavor Catalyst, and OTHMAN Ktiri also participated, reaffirming their commitment to NymCard's vision. This substantial investment highlights growing interest in MENA's BaaS solutions. QED Investors Partner, Gbenga Ajayi, will join NymCard's board.
Strategic Goals
The new funding will support:
Accelerate expansion into new MENA markets
Enhance NymCard's technology platform for more comprehensive solutions
Scale the team to support rapid growth
Deepen market penetration in the UAE, Saudi Arabia, and Egypt
NymCard aims to strengthen its position as MENA's leading BaaS provider, helping more businesses launch innovative financial services.
Key Implications for MENA's Fintech Ecosystem
This funding round signals important developments for MENA's fintech sector:
Validation of BaaS Model: The investment confirms rising demand for BaaS solutions, showing the potential for embedded finance in the region
Increased Competition: NymCard's growth will likely spark innovation in the BaaS space, benefiting businesses seeking payment solutions
Attracting Foreign Investment: Global investors' participation highlights MENA's growing appeal for fintech investment
Looking Ahead
With new capital and its experienced team, NymCard is ready to meet the growing demand for BaaS solutions in MENA. Its expansion plans and technology improvements will drive growth and reinforce its market leadership. As embedded finance adoption increases, NymCard will help shape the region's financial services future.
Source: Wamda