By Zoran Temelkov June, 2022
NymCard, a UAE-based Banking-as-a-Service (BaaS) provider, has secured $22.5 million with its latest funding round. The round was led by the investors, DisruptAD, Reciprocal Ventures, and Shorooq Partners. The funding round also included existing investors and investors like Chimera, DFDF, Knollwood, Endeavor Catalyst, and OTF Jasoor Ventures.
The latest round brings the total amount raised by NymCard to $35 million. The Series A funding round was completed in 2021 when the company raised $7.6 million after previously securing $4.4 million with two different rounds.
The funds will be used to expand the company’s workforce, further develop its services in targeted markets and expand local partnerships. Moreover, NymCard is also focused on enhancing its capacities to offer solutions to the Mena-based fintech market.
Established in 2018, the NymCard API platform and infrastructure enable instant creation, control, and distribution of physical or virtual cards. The platform is applicable for different uses such as multi-currency, Buy Now Pay Later (BNPL), gig economy, banking applications, etc.
NymCard is recognized as one of the leading fintech enablers, and it offers a sandbox environment allowing fintech companies to reduce the time it takes to market their products.