One of the UAE's leading banks invests in UAE-based FinTech and API solutions provider NymCard as part of their overall strategy to bolster FinTech innovation and success in the UAE and the region.
Request specific data sets, export tailored directories, and explore the full potential of our Platform. Reach out to our Sales Team
UAE-based FinTech and BaaS (Banking-as-a-Service) provider NymCard has successfully secured funding from Mashreq as part of the FinTech fund that Mashreq has created to further boost the FinTech ecosystem in the UAE.
Mashreq, one of the leading financial institutions in the United Arab Emirates, has set forth on its going strategy to support the FinTech ecosystem in the UAE, fostering innovation through collaborations, with an aim to deliver a seamless and superior customer experience. The investment in NymCard will allow more fintechs, large and small, to launch their business propositions that need to have a payment card functionality through NymCard’s modern open APIs.
As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Free Report, FinTech was the industry of choice across EVMs. In MENA, following an almost 200% YoY growth in VC funding in 2021, MENA-based FinTech startups have already closed north of 30 deals this year with MENA’s first Mega Round of the year being raised by Crypto exchange platform Rain. As Open Banking & Finance gain investor attention in MENA and across Emerging Venture Markets, we've seen a rise in VC funding for such solutions. Open Banking startups such as Tarabut Gateway and Financial API integrators such as Telr.com and NymCard raised sizable investments over 2021, taking part in the 550% YoY growth in VC investment in the sector across Emerging Venture Markets.
Access our suite of Full Year 2021 Reports covering MENA, Africa, Pakistan & Turkey. Browse our latest and pick your data focus
The FinTech sector across the Middle East is growing rapidly with a compounded annual growth rate (CAGR) of 30%, according to the Middle East Institute, who predicted that, by 2022, more than 800 FinTech companies from sub-segments including payments, open banking, regtech and compliance, smart lending, insurtech, blockchain, and cybersecurity solutions for the financial industry - such as anti-money-laundering, anti-fraud, identity theft, identity management, and others will be able to break new funding records. Fernando Morillo, Global Head of Retail Banking, Mashreq Bank, commented, “The UAE has witnessed significant growth as a FinTech hub, both from an investment perspective and from a burgeoning crop of tech-savvy innovators, and this shows no signs of abating. We recognize the crucial role the Fintech’s play in growing financial inclusion and the digital economy and will continue to identify opportunities, invest and support our partners to help drive this growth. We look forward to scaling up the FinTech ecosystem in the UAE in partnership with NymCard”.
With its newly acquired funds, the UAE-based FinTech will be able to further support its API integration technologies and allow for the expansion of its client base. Omar Onsi, CEO and Founder of NymCard concluded, “We are very excited about this partnership with Mashreq Bank as it is considered a major milestone in our journey, enabling fintechs to launch and scale quickly within the UAE market. With this new relationship, NymCard has dramatically reduced the cost and time it will take for fintechs to get live in the UAE, with innovative payment cards that support their business models, leveraging our modern and open API-based infrastructure.”
Looking to cash in on this startup landscape? Browse 1,700+ FinTech startups in EVMs