NymCard raises $33m in Series B led by QED to scale banking infrastructure across MENA

NymCard has secured $33 million in a Series B funding round, led by QED Investors, marking QED’s largest investment in MENA and its first in the Gulf.

• The round also included participation from Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJ Labs, Endeavor, Shorooq Partners, and Oraseya Capital.

📖 What does the company do?

Founded in 2018 by Omar Onsi, NymCard is a Banking-as-a-Service (BaaS) provider that enables fintechs, banks, and enterprises to issue and process payment cards, provide embedded lending, and facilitate digital transactions without relying on traditional banking infrastructure.

The company’s API-based platform (nCore) allows businesses to integrate financial services into their products, offering:

• Card issuing and processing – Enabling fintechs and businesses to issue prepaid, debit, and credit cards without needing a direct banking license.

• Embedded lending – Providing the technology to support credit issuance and financing solutions directly through partner platforms.

• Payment infrastructure – Allowing seamless money movement, including transaction processing, compliance, and settlements.

Unlike many regional fintech players that rely on third-party providers for payment processing, NymCard owns and operates its own processing and switching technology, which gives it greater control over transaction speed, compliance, and customization. This has allowed NymCard to establish partnerships with over 50 banks and fintechs across Saudi Arabia, the UAE, and Egypt, aligning with regulatory initiatives such as Saudi Vision 2030 and the UAE’s push for a cashless economy.

• The latest funding round builds on NymCard’s previous $22.5M Series A, which saw backing from Shorooq Partners, Chimera, and DisruptAD.

Over the past two years, the company has secured regulatory approvals in Saudi Arabia and the UAE and expanded its offering across 10+ MENA markets.

💰 What’s the big deal with QED?

QED Investors’ entry into MENA is significant.

The firm has backed global embedded finance leaders like Remitly, Klarna, and Nubank, and its investment in NymCard is a welcome vote of confidence for the region’s fintech infrastructure.

🌍 Global comparisons

Its business model is more aligned with BaaS providers like Solaris (Europe) and Unit (US), providing regulated financial infrastructure that fintechs can build on.

🔮 Outlook

With this new funding, NymCard plans to scale its technology platform and expand its partnerships, further positioning itself as a core financial infrastructure provider in MENA’s fintech ecosystem.