PayTic secures $4 million investment from AfricInvest
Morocco-based fintech PayTic has raised $4 million in funding, led by AfricInvest alongside Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.
Founded in 2020 by Imad Boumahdi, PayTic specialises in automating complex operational processes for card issuers, including reconciliation and chargeback management.
The investment aims to support PayTic's expansion into North and Sub-Saharan African markets.
Source: Tech Point
Moroccan fintech startup PayTic has raised $4 million in funding to advance its payment automation solutions and facilitate expansion into North and Sub-Saharan African markets. AfricInvest led the funding round alongside Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.
'This significant investment is a powerful validation of PayTic's mission and the transformative impact we are delivering,' Imad Boumahdi, CEO of PayTic, said. 'Beyond the capital, this funding round brings invaluable strategic expertise, enabling us to accelerate our global expansion and reshape the future of payment operations.'
Specialising in automating complex operational processes for card issuers, PayTic offers software-as-a-service (SaaS) solutions that streamline tasks such as reconciliation and chargeback management.
Founded in 2020, PayTic has established a presence in multiple locations, including Charlottetown, Canada; Casablanca, Morocco; and London, UK. The company's platform serves banks, credit unions, fintech companies, and other payment actors, aiming to optimise workflow efficiency and scale backend programme management.
The recent funding is expected to bolster PayTic's efforts to address the increasing demand for efficient payment processing solutions in Africa. The continent's digital payments economy is projected to reach $1.5 trillion by 2030, highlighting significant growth opportunities for fintech companies.
This investment in PayTic reflects a broader trend of growing investor confidence in Africa's fintech sector. Despite a drop in funding, fintech startups in Africa still secured $1.4 billion from investors. According to Partech Partners, fintech investment in Africa grew 16% year-on-year in deal count and 59% year-on-year in funding.
As PayTic prepares to scale its operations across the continent, the company is poised to contribute significantly to the evolution of payment automation in Africa, enhancing financial services and supporting economic growth in the region.
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