NymCard secures $33m to expand embedded finance in MENA

By Gloria Methri

NymCard, an embedded finance platform operating across more than 10 countries in MENA, has raised $33 million in a Series B funding round led by QED Investors. This marks QED’s largest investment in the region and its first in the Gulf.

The funding round included participation from existing investors Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor. Shorooq, one of the region’s leading investment firms, also backed the round alongside new investor Oraseya Capital.

With the fresh capital, NymCard plans to strengthen its presence across its key MENA markets and enhance its payment infrastructure solutions. The company serves banks, enterprises, FinTechs, and telecom providers through three core verticals: Card Issuing Processing, Embedded Lending, and Money Movement.

NymCard’s nCore platform is the only issuer processor in MENA that wholly owns its processing and switching technology, eliminating the need for third-party licensing. This localised, full-stack infrastructure allows clients to design, launch, and scale payment programs with greater flexibility. The platform’s modular APIs support seamless card issuance, transaction processing, lending infrastructure, and real-time payments within an integrated financial stack.

“This investment validates our technology and commitment to advancing financial innovation in MENA,” said Omar Onsi, CEO of NymCard. “With support from our investors, we will continue expanding our payment infrastructure to enable fintech growth. We are particularly excited to welcome QED Investors, whose extensive FinTech expertise will be instrumental in scaling our impact.”

NymCard has partnered with over 50 banks, FinTechs, and enterprises to deliver customised financial solutions across the region.

“NymCard is bridging the FinTech gap in MENA by offering out-of-the-box card issuing and embedded finance solutions,” said Gbenga Ajayi, Partner and Head of Middle East & Africa at QED Investors. “Its API-first approach is expanding financial access for startups and enterprises, driving SME growth, and strengthening the region’s digital economy.”