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NymCard raises $7.6 million in Series A Abu Dhabi-based Banking-as-a-Service (BaaS) provider NymCard, has raised a $7.6 million Series A funding round, led by Shorooq Partners, with participation from OTF Jasoor Ventures and VentureSouq. This round takes the startup’s total funding raised to date to $12 million. Launched in 2017, NymCard delivers an API-based processing platform to financial institutions, banks, and fintechs that digitises payment card issuance helping them to cut costs and launch customer focused payment programmes in a timeframe of fewer than eight weeks. With its technology, NymCard helps fintechs and other emerging financial institutions make a full-scale foray into the market and accelerate their growth. ....
“It allows the rest of the ecosystem to leverage their technology as a plug-and-play infrastructure to seamlessly build and launch card programmes, democratising card issuance and payments.” Region-specific figures on card issuances are hard to come by in the Middle East but the adoption of digital payment is on the rise following the pandemic. Almost two-thirds of UAE respondents to a Standard Chartered survey in September expect the country to become fully cashless by 2030. FinTechs like Nymcard help to accelerate this shift. Card issuance and payment processing . is a tightly controlled, highly regulated, and technologically complicated process and even the largest banks in the region take months to design and issue card programmes, Mr Adi said. The NymCard technology addresses these issues and enables clients to adapt their models to the new environment efficiently and cost-effectively. ....