PayTic is a Moroccan fintech startup that has raised $4 million to expand into North and Sub-Saharan African markets and improve its payment automation solutions. Together with Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete, AfricInvest spearheaded the funding round.
“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.”
Software-as-a-service (SaaS) solutions from PayTic, which specializes in automating intricate operational procedures for card issuers, simplify tasks like chargeback management and reconciliation.
PayTic was founded in 2020 and is now present in several places, such as London, UK; Casablanca, Morocco; and Charlottetown, Canada. The company’s platform, which aims to maximize workflow efficiency and scale backend program management, serves banks, credit unions, fintech companies, and other payment actors.
PayTic’s efforts to meet Africa’s growing need for effective payment processing solutions should be strengthened by the recent funding. Fintech companies have a lot of room to grow as the continent’s digital payments economy is expected to reach $1.5 trillion by 2030.
This investment in PayTic is indicative of a larger pattern of rising investor trust in the fintech industry in Africa. Even with a decline in funding, African fintech startups managed to raise $1.4 billion from investors. Fintech investment in Africa increased by 59% in funding and 16% in deal count over the previous year, according to Partech Partners.
With plans to expand its operations throughout the continent, PayTic is well-positioned to make a substantial contribution to the development of payment automation in Africa, improving financial services and fostering regional economic expansion.
