NymCard raises $33m Series B backed by QED Investors
Dubai-based Banking-as-a-Service (BaaS) provider and card issuer NymCard has landed a $33 million Series B funding round led by US venture capital firm QED Investors.
The round brings NymCard’s total funding to nearly $70m
The round, representing QED’s largest investment in the MENA region and its first in the Gulf, was also supported by new backer Oraseya Capital, along with existing shareholders such as Shorooq, Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs and Endeavor.
Founded in 2018, NymCard claims to be the only embedded finance platform serving more than 10 countries in the MENA region.
The company’s core offerings span three key areas: virtual and physical debit and credit card issuance and processing, embedded lending solutions, and domestic and cross-border payments.
With its latest investment, NymCard says it is “deepening its presence” across its current markets, where it maintains partnerships with over 50 financial institutions, while also aiming to enhance its payment infrastructure solutions.
The Series B round brings NymCard’s total funding to nearly $70 million, building on the firm’s $22.5 million raised in 2022 and its $7.6 million Series A in 2021.
