RIYADH: Fintech platform NymCard has raised $22.5 million in a funding round led by venture capital firms DisruptAD, Reciprocal Ventures, and Shorooq Partners.
Having a strong presence in the Middle East and North Africa region, the banking-as-a-service provider allows fintech companies to plug and play ready finance into their applications through APIs rather than dealing with complex payment rails.
“As we move toward a $7 trillion embedded finance market, we aim to evolve and enhance our offering to transform the payments industry and serve our client’s needs in the region,” Omar Onsi, CEO and founder of NymCard, said in a press statement.
The company will use its new funds to strengthen its product development as well as expand its presence in current markets, it added.
