Abu Dhabi-based NymCard announces $7.6 million Series A funding
By Edil Corneille
Abu Dhabi-based NymCard announced the receipt of $7.6 million in its Series A funding. The company is a MENA Banking as a Service (BaaS) provider. Led by Shorooq Partners, the funding round saw participation from OTF Jasoor Ventures and VentureSouq. With this round, NymCards’ total raised funding amounted to $12 million to date.
NymCard delivers card issuing and processing solutions for financial institutions, banks and FinTechs in the region. With proven technology, the platform digitizes the payment card experience end to end helping to cut down program costs and to launch innovative customer focussed propositions in less than 8 weeks.
Financial technology companies and emerging financial services are able to enter the market at speed, securely and with scale using the NymCard advanced API integrations.
“We have developed the tech stack ground-up giving us speed and agility that no other legacy player can match. Over the past two years, we have served regional banks and fintechs where one of our clients today is the fastest-growing issuer in Iraq and is the first Neo Bank in the region,” Omar Onsi, Founder and CEO of NymCard.
NymCard has regulatory approvals from the Financial Services Regulatory Authority (FSRA) to be able to remove more of the friction from issuing a payment card to its clients by extending its services to cover regulated activities.
Mahmoud Adi, the founding partner of Shorooq Partners said, “NymCard is solving the problem of card issuance in the region by building a regulated, technological infrastructure that is highly specialized in this area, “It allows the rest of the ecosystem to leverage their technology as a plug-and-play infrastructure to seamlessly build and launch card programs, democratizing card issuance and payments.”
“The cash to card shift continues to be a main driver in digital transformation within the payments ecosystem in the region. As a result, multiple banks, NBFIs and startups are rushing to extend card payment solutions to consumers. Card issuance and payment processing, however, it’s a tightly controlled, highly regulated, and technologically complicated process and even the largest banks in the region take months to design and issue card programs. The NymCard technology addresses these issues and enables clients to adapt their models to the new environment efficiently and cost effectively,” he added.
The Series A funding allows the FinTech to create frictionless payment programs for other FinTechs and payment innovators within the region, by removing the burden of dealing with the operational and regulatory requirements that come with issuing payment card programs.
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