Abu Dhabi-based Banking-as-a-Service (BaaS) provider NymCard announced that they have raised US$ 7.6 million during a Series A funding round bringing the firm’s total funding to $12 million to date.

The funding round led by Shorooq Partners and joined by OTF Jasoor Ventures and VentureSouq will be used to support NymCard’s growth in the MENA region.

NymCard provides card issuing and processing solutions for financial institutions, banks and fintechs in the region.

NymCard said that its platform digitises the payment card experience end-to-end to help cut down programme costs and launch customer focused propositions in less than 8 weeks.

Using the NymCard advanced API integrations, fintech startups and financial services institutions are able to enter the market at speed, securely and with scale.

In August 2020, NymCard had received in-principle approval from the Financial Services Regulatory Authority (FSRA) to provide money services.

“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,”

said Omar Onsi, Founder and CEO of NymCard.

“NymCard is solving the problem of card issuance in the region by building a regulated, technological infrastructure that is highly specialised 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, democratising card issuance and payments.”

said Mahmoud Adi, the founding partner of Shorooq Partners.