NymCard, the only embedded finance platform operating in over 10 countries across the MENA region, has successfully raised $33 million in its latest Series B funding round. This investment was led by QED Investors, marking their largest investment in the region and the first in the Gulf, which highlights the increasing global confidence in MENA’s growing fintech ecosystem.

The funding round attracted substantial support from existing investors such as Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, and Endeavor. It also saw participation from Shorooq and new investor Oraseya Capital, further affirming NymCard’s vital role in shaping the future of embedded finance in the region.

With the new capital, NymCard plans to strengthen its payment infrastructure solutions across its 10+ markets in MENA. The company aims to better serve banks, enterprises, fintechs, telecom providers, and others through its three main verticals: Card Issuing Processing, Embedded Lending, and Money Movement.

NymCard’s nCore platform stands out as the only issuer processor in MENA that fully owns its processing and switching technology, as opposed to relying on third-party licenses. This localized, full-stack infrastructure empowers clients with the flexibility to design, launch, and scale payment programs. The platform, built on modular APIs, allows businesses to manage card issuance, transaction processing, lending infrastructure, and real-time payments seamlessly within a fully integrated financial stack.

Omar Onsi, CEO of NymCard, stated that this investment reflects the strength of their technology and their commitment to fostering financial innovation in MENA. He expressed enthusiasm about QED Investors joining their journey, noting their extensive experience in fintech across different markets, which will be crucial as NymCard expands its influence in the region.

To date, NymCard has partnered with over 50 banks, fintechs, and enterprises, delivering tailored financial solutions throughout MENA. In Saudi Arabia, NymCard aligns itself with the Vision 2030 initiative, aiding the nation’s transition towards a cashless economy. In the UAE, NymCard is a licensed entity under the Central Bank of the UAE (CBUAE), focusing on digitizing money movement. Meanwhile, in Egypt, NymCard is instrumental in promoting financial inclusion and innovation within the country’s vibrant fintech landscape.

Gbenga Ajayi, a partner at QED Investors and Head of Middle East and Africa, noted that NymCard exemplifies the thriving ecosystem developing in MENA. By offering ready-to-use card issuing and embedded finance solutions, NymCard is bridging the fintech gap and empowering businesses with the necessary infrastructure to innovate.

Julien Plouzeau, Senior Partner at Oraseya Capital, added that NymCard has established itself as a leader in fintech infrastructure across MENA. He highlighted its proprietary technology and regulatory positioning as key factors that enable financial services innovation in the region.