NymCard, the embedded finance platform operating across 10+ countries in MENA, has secured $33 million in its Series B funding round, led by QED Investors.
This marks QED Investors’ most “significant” investment in the region – and the first time leading a deal in the Gulf Cooperation Council — underscoring the global confidence in MENA’s fintech ecosystem.
The investment round reportedly saw backing from existing investors “including Lunate, Dubai Future District Fund, Mashreq Bank, Knollwood, Reciprocal, FJLabs, Shorooq and Endeavor, alongside new participation from Oraseya Capital, further validating NymCard’s role in powering the future of embedded finance in the region.”
With this investment, NymCard is deepening its presence across 10+ markets in MENA, strengthening its payment infrastructure solutions “to better serve banks, enterprises, fintechs, telecom providers, and more across its three core verticals: Card Issuing Processing, Embedded Lending, and Money movement.”
NymCard’s nCore platform is the only issuer processor in MENA that fully owns its “processing and switching technology, rather than licensing from third parties.”
This localized, full-stack infrastructure reportedly gives clients a more competitive edge, enabling them to “design, launch, and scale payment programs with unmatched flexibility.”
Built on modular APIs, nCore allows businesses to “manage card issuance, transaction processing, lending infrastructure, and real-time payments—all within a fully integrated financial stack that ensures speed, control, and efficiency.”
Omar Onsi, CEO of NymCard said:
“This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA. With the backing of our investors, we will continue pushing the boundaries of payments and embedded finance, ensuring our clients have access to best-in-class payment infrastructure solutions backed up by solid program management capabilities. We are especially excited to welcome QED Investors on this journey, given their unrivaled experience in fintech across multiple geographies. Their expertise will be invaluable as we further expand our impact in the region.”
To date, NymCard has partnered with 50+ banking institutions / platforms, fintechs, and enterprises, delivering “personalized financial offerings across the region.”
In Saudi Arabia, NymCard aligns with Vision 2030, “supporting the country’s shift toward a cashless economy.”
In the UAE, where the focus is on digitizing money movement, NymCard plays a key role as a licensed entity under the CBUAE.
In Egypt, with its fintech ecosystem, NymCard provides “the flexibility and security needed for businesses to drive financial inclusion and innovation.”
QED Investors is a venture capital firm based in Alexandria, Va.
Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in financial services companies worldwide.
QED Investors is dedicated to building businesses and uses a “hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth.”
Investments reportedly include the following: AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Creditas, Credit Karma, Current, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer.”
NymCard is the embedded finance platform in MENA with a full-stack, API-first payment infrastructure “for banks, fintechs, enterprises, and telecom providers.”
Operating across 10+ countries, NymCard enables “card issuance, transaction processing, digital lending, and real-time money movement through its proprietary nCore platform.”
As the issuer processor in MENA that fully owns its processing and switching technology, NymCard reportedly delivers “speed, control, and flexibility, eliminating reliance on third-party providers.”
Licensed by the Central Bank of the UAE, NymCard ensures regulatory compliance, “empowering financial institutions to scale and innovate with confidence.”