NymCard, the Abu Dhabi-based 'Banking as a Service' (BaaS) provider, has announced a $7.6M Series A funding round, led by Shorooq Partners with the participation of OTF Jasoor Ventures and VentureSouq. This round brings NymCard's total funds raised to date to $12M.
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NymCard delivers leading-edge 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 a timeframe of fewer than 8 weeks.
Using the NymCard advanced API integrations, Fintechs and emerging financial services institutions are able to enter the market at speed, securely, and with scale, the startup states.
Omar Onsi, Founder and CEO of NymCard said, “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."
NymCard has received regulatory approvals from the Financial Services Regulatory Authority (FSRA) to be able to remove the friction from issuing payment cards to its clients by extending its services to cover regulated activities. NymCard removes the burden of dealing with the operational and regulatory requirements that come with issuing payment card programs.
Mahmoud Adi, Founding Partner of Shorooq Partners added, “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.”
He added, “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."
The Series A funding will help to support the growth of NymCard within the MENA region.
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