NymCard, a Banking-as-a-Software (BaaS) fintech based in the UAE, announced on Monday it has joined Visa’s Fintech Fast Track program. NymCard reported it has also previously completed the Visa Ready “Issuer Processor” program that ensures the fintech’s commitment to delivering tech solutions that meet Visa’s industry-leading security standards and specifications. NymCard’s tech solution will be added to Visa’s partner directory listing.
While speaking about the collaboration with Visa, Omar Onsi, CEO and Founder of NymCard, stated:
“Our partnership with Visa strategically positions NymCard to be one of the go-to partners for the region’s growing fintech community enabling them to issue and process payment cards seamlessly and in record time. This allows our fintech customers to focus on building innovative and customer-centric products while leaving the complexities of compliance and relationships with banks on us.”
Founded in 2018, NymCard claims to be the only BaaS provider based in the Middle East offering a modern payment issuing and processing platform that allows startups, fintechs, large enterprises, and banks, in the MENA region to Instantly create, control, and distribute virtual or physical cards using their modern, fully public API platform.
“NymCard aims to bridge the gap of complex legacy systems by simply embedding finance into applications and customer journeys for payment innovators to work with.”
Nymcard joining Visa’s Fintech Fast Track program comes just a few months after Nymcard secured $7.6 million through its Series A funding round, which was led by Shorooq Partners with participation from OTF Jasoor Ventures and VentureSouq. The fintech’s latest round brought its total funding to $12 million.