MENA’s BaaS provider NymCard raises $22.5m funding

NymCard, a Banking as-a-Service (BaaS) provider and card issuer in the MENA region, has raised $22.5 million in its latest funding round, taking its total funding to over $35 million.

Omar Onsi, CEO and founder of NymCard

This venture round was led by DisruptAD – ADQ’s venture platform, Reciprocal Ventures, and Shorooq Partners with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, in addition to previous and other investors.

With a presence in Abu Dhabi, Dubai, Riyadh, Cairo and Karachi, NymCard intends to use these funds to further grow its teams and strengthen its service in core markets.

The start-up provides infrastructure to fintechs including BIN sponsorship, card issuing, programme management, compliance, FX, and treasury, leveraging its over 150+ APIs.

NymCard was founded in 2018 by technology entrepreneur Omar Onsi and claims to be the only MENA-based BaaS provider that has built its tech stack from the ground up. It is regulated by the central bank of the UAE.

“This is only the beginning of NymCard’s journey and a sign that we are solving major pain points for fintechs in this region,” he comments on the investment.

NymCard says it has signed over 20 clients in 2021 alone, and over 300 fintechs are using its platform and sandbox environment.

Earlier this year it received an undisclosed investment from Mashreq Bank in return for a stake in the business. Last year, it landed $7.6 million in a Series A funding round.