Venture capital companies DisruptAD, Reciprocal Ventures, and Shorooq Partners led a $22.5 million fundraising round for fintech platform NymCard.
The banking-as-a-service provider, which has a significant presence in the Middle East and North Africa, allows fintech businesses to plug and play ready finance into their products via APIs rather than dealing with sophisticated 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 fresh funds will be used to improve product development as well as increase the company’s footprint in current markets, according to the company.
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