NymCard, a Dubai-based fintech firm, has raised $33 million in a Series B funding round. The investment, led by QED Investors, marks the firm’s largest commitment in MENA and its first in the Gulf. Several existing investors, including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor, also participated.
Expanding Financial Infrastructure Across the Region
With this funding, NymCard aims to expand into over 10 markets across MENA. The company plans to enhance its payment solutions for banks, fintech firms, enterprises, and telecom providers.
CEO Omar Onsi highlighted the company’s mission, stating, “This investment enables us to advance embedded finance, offering partners access to cutting-edge payment solutions with seamless program management.”
Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors, emphasized the impact of NymCard’s services. “By simplifying card issuing and embedded finance, NymCard is empowering businesses, supporting SME growth, and strengthening MENA’s digital economy,” he said.
Supporting Regional Digital Transformation
NymCard’s expansion aligns with key economic initiatives. In Saudi Arabia, it supports Vision 2030’s push toward a cashless economy. Meanwhile, in the UAE, it operates under the Central Bank’s regulatory framework, ensuring compliance and stability. Additionally, its services in Egypt promote financial inclusion with secure and flexible digital payment solutions.
Currently, NymCard partners with more than 50 banks and fintech firms, playing a key role in advancing digital financial services across the region.
