NymCard Raises $33 Million Series B Led by QED Investors to Accelerate BaaS Expansion Across MENA

NymCard, a UAE-based embedded finance and banking-as-a-service platform, announced a $33 million Series B funding round on 19 March 2025, led by QED Investors, the Virginia-based venture capital firm. The round is intended to accelerate the expansion of its nCore platform across the region.

NymCard operates across more than ten MENA countries and describes itself as the only issuer processor in the region that fully owns both its processing and switching technology.

NCORE PLATFORM SERVES BANKS, FINTECHS, AND ENTERPRISES

NymCard's nCore platform is the company's core infrastructure product, and NymCard has partnered with more than 50 banks, fintechs and enterprises across the region. The client roster spans banks, fintechs, enterprises and telecom providers. Its offering spans card issuing and processing, embedded lending and real-time money movement.

The banking-as-a-service model underpinning NymCard's proposition allows regulated banks and non-regulated fintechs alike to offer card-based financial products to their own customers without building the payment processing infrastructure themselves.