FinTech Nymcard raises $7.6 million funding in Abu Dhabi

FinTech Nymcard raises $7.6 million funding in Abu Dhabi

Abu Dhabi-based a thriving Gulf Startup FinTech company, Nymcard has raised $7.6 million funding in its opening series. The first round led by Shorooq Partners to fuel its growth within the Gulf and MENA region.

OTF Jasoor Ventures and Venture Souq also participated in the round.

Nymcard focuses on processing transactions and issuing cards, including online cards, on behalf of banks, financial institutions and FinTechs that connect to mobile platforms. It does not compete with payment giants like MasterCard and Visa, but works with them, enabling digital and mobile-first applications to process payments.

The Middle East Sees a booming Fintech Ecosystem though some tough challenges remain. NymCard is now on the map of one of the highest valued Fintech startups worldwide.

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.

This funding for Nymcard a Startup and other Fintech companies is a new initiative directed by the UAE government to create a startup incubation hub in the region.

………………………..

Leave a comment

1 Comment

  1. […] The UAE signed a partnership with the International Esports Federation to promote tolerance and coexistence within its ecosystem. This along with creating a virtual economy has been a shift in focus from the oil-rich nation. It has a certain symmetry in the middle east, with lots of tech startups being given a push in the region. Nymcard received a massive investment to push the digital card payments system in the region. […]

This site uses Akismet to reduce spam. Learn how your comment data is processed.