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.
We’re very happy and excited to have reached this new milestone with the #FSRA approval!#nymcardfsra #digitalwallets #paymentsolutions #visa #mastercard #issuers #processorshttps://t.co/PsExdzdfTd
— NymCard (@NymCard) September 14, 2020
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.
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