Banking as-a-Service (BaaS) provider and card issuer NymCard has raised $22.5M in its latest funding round led by DisruptAD, Reciprocal Ventures, and Shorooq Partners.

The round, which takes the firm’s total funding to over $35m, was also joined by DFDF, Chimera, Knollwood, OTF Jasoor Ventures, and Endeavor Catalyst among other previous and new investors.

Founded in 2018 by Omar Onsi, NymCard allows fintech companies to plug and play ready finance into their applications through APIs.

This is said to help fintech firms focus on building their product proposition rather than dealing with complex payment rails.

NymCard, which has a presence in Dubai, Riyadh, Abu Dhabi, Karachi and Cairo, currently serve fintech focused on emerging use cases, including multi-currency, money transfers, corporate expense cards, on-demand delivery services, Buy Now Pay Later (BNPL) offerings.

The capital infusion will enable the firm to expand its teams and strengthen its service in core markets through local partnerships and setups. 

Commenting on the funding round, Onsi said: “This is only the beginning of NymCard’s journey and a sign that we are solving major pain points for FinTechs in this region.

“As we move towards a $7trn 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.”

NymCard claims to be well-positioned to further support the MENA’s evolving finTech ecosystem.

The firm, which signed more than 20 clients last year, currently provides its platform and sandbox environment to over 300 fintechs.

Reciprocal Ventures partner Josh Kuzon said: “We feel that next-generation fintech solutions will continue to replace legacy technology, and the experienced leadership at NymCard recognised this early on, and we’re excited to work with Omar and the team at NymCard as they enable the future of finance in the MENA region.”

Last year, NymCard teamed up with Instapay to help fintech firms in MENA region to scale their operations across Asia.