A big strategic leap for NymCard as the Abu Dhabi-based “Banking as a Service” (BaaS) platform raised a sizable $7.6 million in its Series-A funding round. The round was led by Shorooq Partners, with significant contributions coming from VentureSouq and Jasoor Ventures. With this Series-A round taken into account, NymCard’s total funding to date stands at $12 million.
Just in case you’re not familiar with the company, NymCard specializes in leading-edge card issuing and processing solutions targeted at financial institutions including banks and FinTech firms.
Using its proprietary technology, the company digitizes the payment card experience while bringing down program expenses significantly. Among other things, its solutions also enable financial platforms to come up with new-age customer-focussed setups in as little as 8 weeks or less.
It prides itself as a one-of-its-kind platform in the region that empowers FinTech firms and financial services providers to launch operations with speed, high-security, and scale using NymCard API integrations.
Resting to the success of the Series-A round, 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.”
It is worth noting that NymCard already has been approved by the Financial Services Regulatory Authority (FSRA) for its key products currently available. With a sizable pool of capital at its disposal, the startup now plans on expanding its presence across the Middle East and North Africa.