Abu Dhabi fintech NymCard raises $7.6 million Series A to democratize card issuance in Middle East & Africa

Abu Dhabi fintech NymCard raises $7.6 million Series A to democratize card issuance in Middle East & Africa

Abu Dhabi-headquartered fintech NymCard has raised $7.6 million in a Series A round, it told MENAbytes today. The round was led by Shorooq Partners with the participation of OTF Jasoor Ventures and VentureSouq, and takes its total funding to date to $12 million. NymCard never announced but had previously raised $4.4 million in two different rounds.

Founded in 2018 by serial entrepreneur Omar Onsi, NymCard is a cloud-based issuer processor, enabling financial institutions, banks, and fintechs to build virtual and plastic card programs for their customers. Traditionally, any institution that needed to issue a payment card in the region used to go through the long process of finding a processor and a BIN sponsor (an entity that allows firms to process payments through an intermediary that's member of a card scheme like Visa or MasterCard).

NymCard removes this friction by offering the building blocks that could be used by fintechs and other players to build their card programs without getting into the hassles of card issuing.

“We offer an alternative to the solutions sold by legacy players who license their technology from third-party vendors but still lack modern APIs that the fintechs require today and at the same time are expensive and slow,