Thursday, February 9, 2023
  • Login
198 Crowd Funding News
No Result
View All Result
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT
No Result
View All Result
198 Crowd Funding News
No Result
View All Result
Home Crowdfunding News

UAE’s BaaS Fintech NymCard Secures $7.6M in Capital via Series A to Accelerate its Expansion Efforts

February 4, 2021
in Crowdfunding News
0
Share on FacebookShare on TwitterShare on Email

[ad_1]

Abu Dhabi based NymCard, a card issuing and processing platform, has secured $7.6 million in  capital through a Series A funding round.

The banking-as-a-service (BaaS) provider confirmed that the investment round was led by Shorooq Partners along with the contributions from OTF Jasoor Ventures and VentureSouq. The firm’s latest round now takes its total funding to date to $12 million.

NymCard’s management stated:

“We are constantly evolving and innovating, and we want to thank our partners for the support through our growth.”

NymCard aims to offer the best card issuing and processing solutions for financial institutions, banking platforms, and Fintech firms in the MENA region. With its proven technology, the NymCard platform has been designed to fully digitize the payment card experience end-to-end, helping to lower overall costs and to help launch customer-focused solutions.

Omar Onsi, Founder and CEO at NymCard, stated:

“We have developed the tech stack ground-up giving us speed and agility that no other legacy player can match. Over the past two years, we have served regional banks and Fintechs where one of our clients today is the fastest-growing issuer in Iraq and is the first neo bank in the region.”

After launching their services in Lebanon in 2018, NymCard decided to move its headquarters to Abu Dhabi last year, becoming a key part of the UAE capital city’s international tech ecosystem Hub71.

In August 2020, NymCard gained in-principle approval (IPA) from the Financial Services Regulatory Authority (FRSA) to hold and transfer customer funds, provide payment instruments with stored value and also to facilitate currency exchange.

Onsi has stated previously that prior to getting approval, the company had mainly been issuing payment cards. Now that they’ve received in-principle approval, the NymCard team can operate a regulated business that offers additional services.

Onsi had explained (last year):

“If we are not licensed, our customers need to be regulated and licensed themselves to do any of the regulated activities. With the in-principle approval, we are becoming the one-stop-shop for tech companies and Fintechs to offload all of their payment requirements to NymCard and they can focus on their core business model.”

Onsi had also mentioned (in June 2020):

“Abu Dhabi has all the makings of a great Fintech ecosystem and we’re very excited to be a part of it. Our headquarters in Abu Dhabi brings us closer to our customers, tech startups, and payment innovators looking for different types of modern payment solutions. We’re very honored to have been selected by Hub71 and are grateful to their team for the support they’ve extended to us for relocating our regional operations to Abu Dhabi.”



[ad_2]

Source link

Tags: 76MAccelerateBaaSCapitalEffortsExpansionFintechNymCardSecuresSeriesUAEs
ShareTweetSend

Related Posts

Crowdfunding News

Learning To Play Piano Is Made Easy With PopuPiano

June 3, 2022
Crowdfunding News

Solana Teaches Crypto Investors a Critical Lesson

June 3, 2022
Crowdfunding News

Caught naked!? | Crowdability

June 2, 2022
Crowdfunding News

EP #395 The Formula Nebia Towel Used To Raise $167,750 On Kickstarter

June 2, 2022
Crowdfunding News

News Fix: Startups Face a Souring Economy, SpaceX Skyrockets to $125 Billion

June 1, 2022
Crowdfunding News

Top 5 Crowdfunding Campaigns – May 2022

June 1, 2022
Load More
Next Post

Switzerland based Sygnum Bank, a Licensed Digital Asset Bank, has Helped with Tokenizing Premium Investible Wines

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST STORIES

Between Music – Crowdfunding video

June 5, 2022

Attacking A Market Failure With Candice Matthews Brackeen

June 5, 2022

Crowdfunding video – Kabeção 1st solo Album – Touching Souls

June 5, 2022

The Gecko – Failure is not an option

June 5, 2022

Roller Kingdom Crowdfunding Video

June 4, 2022

Introduction – Art of Failure with Eli Zelkha

June 4, 2022

Radbahn Crowdfunding Video + Fast Forward Science 2017 Film

June 4, 2022

Jorge Newbery at Failure Lab

June 4, 2022

Outland Denim Equity Crowdfunding Video

June 4, 2022

What I learned about Failure, Loneliness, and Red Lizard at the Spark Fest Cebu

June 4, 2022
Load More
198 Crowd Funding News

Own and operated by The Ike Lemuwa Group, LLC a Commonwealth of Virginia Limited Liability Company, USA.
Info@nigeriasmartnews.com / info@ikelemuwagroup.com
Toll-Free: 1 888 642 8433
3821 Dominion Drive Dumfries, Virginia, 22026. USA

Categories

  • Home
  • Crowdfunding News
  • Blog
  • Articles
  • Sponsorship
  • Crowd Support
  • Crowdfunding Sources
  • Partner with 198TILG Mastermind Platinum Group
  • Video

Recent News

  • Between Music – Crowdfunding video
  • Attacking A Market Failure With Candice Matthews Brackeen
  • Crowdfunding video – Kabeção 1st solo Album – Touching Souls
  • The Gecko – Failure is not an option
  • Roller Kingdom Crowdfunding Video
  • Home
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact

Copyright © 2021 198 Crowdfunding News.

No Result
View All Result
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT

Copyright © 2021 198 Crowdfunding News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In