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NymCard, a Dubai-based embedded finance platform, has secured US$33 million in a Series B funding round led by US-based QED Investors.
This marks QED Investors’ largest investment in MENA and its first in the Gulf region.
Existing investors, including Lunate, Dubai Future District Fund, and Mashreq Bank, along with Knollwood, Reciprocal, and FJLabs, participated in the round.
Shorooq Partners also contributed, while new investor Oraseya Capital joined the funding.
With this investment, NymCard aims to expand its presence in MENA and enhance its payment infrastructure for banks, enterprises, fintech firms, and telecom providers.
The company operates in three main areas: card issuing processing, embedded lending, and money movement.
NymCard’s nCore platform is the only issuer processor in MENA that owns its processing and switching technology instead of relying on third-party licensing.
Its modular API-based system allows businesses to manage card issuance, transaction processing, lending infrastructure, and real-time payments.
Omar Onsi
“This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA,”
said Omar Onsi, CEO of NymCard.
“With the backing of our investors, we will continue pushing the boundaries of payments and embedded finance.”
In Saudi Arabia, the company aligns with Vision 2030 by supporting the country’s move toward a cashless economy.
In the UAE, it operates as a licensed entity under the Central Bank of the UAE (CBUAE), contributing to digital payment initiatives.
In Egypt, it provides financial infrastructure to support fintech growth and financial inclusion.
“NymCard is bridging the fintech gap and empowering businesses with the infrastructure they need to innovate,”
Gbenga Ajayi
said Gbenga Ajayi, partner and Head of Middle East and Africa at QED Investors.
“With its API-first approach, NymCard is expanding financial access for startups and enterprises, driving SME growth, and strengthening MENA’s digital economy.”
