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Moroccan Fintech, PayTic has Raised $4 Million to Broaden Its Payment Automation Services Across Africa
Moroccan fintech startup, PayTic raises $4 million in funding to broaden its payment automation services across Africa. The funding round was led by AfricInvest which was backed by Build Ventures, Axian Group, Mistral, Island Capital Partners and Concrete. The financing will enable PayTic to improve its software and expand its presence in North and Sub-Saharan Africa.
Founded in 2020, the platform automates the complex processes of card issuers as reconciliation or chargeback management. Its software-as-a-service (SaaS) platform is designed to make banks, credit unions, fintech companies and other payment processors more efficient. Through the simplification of backend processes, they help banks save time and money, while successfully scaling their programs. The organization controls the globe with locations in Charlottetown, Canada; Casablanca, Morocco; London, UK.
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PayTic CEO Imad Boumahdi is thrilled by the funding round. “This big investment shows people trust that Paytic can change the world,” he commented. Boumahdi noted that this financial contribution and knowledge will help PayTic grow and transform payment activities for merchants and consumers across the world.
This investment comes at a time when Africa’s digital payments market is booming. Fintechs such as PayTic want to harness the expected growth in the payments economy on the continent, which is set to reach a sizable $1.5-trillion in 2030. PayTic wants to offer payment automation services across Africa through this investment.
PayTic has achieved success in line with the changing fintech scenario in Africa. Even though there have been some downturns economically, funding has slowed down and thus the investments took a hit, African Fintech Startups kept attracting a lot of investments across the continent.
In 2024, just the fintech startups funded $1.4 billion, which shows that investors were confident. The amount of money invested in financial technology in Africa has increased steadily over the years. Fintech innovations have made financial services more accessible and affordable.
Digital payments are transforming financial services in Africa. Africa has more mobile money accounts and transactions than anywhere else in the world. Fintech companies provide creative answers to obstacles like cross-border payments and financial inclusion. PayTic is in an excellent position to play a major part in growing our operations across Africa.
With the $4 million funding, PayTic will serve more customers and onboard more talents to support their growth potential. As the company scales its operations across North and Sub-Saharan Africa, it aims to improve financial service and economic growth in the region.
PayTic raises $4 million to broaden payment automation services across Africa at a time when the continent’s fintech ecosystem is experiencing unprecedented growth. With this funding boost, Moroccan fintech startup PayTic is ready to transform the continent’s digital payments economy while also working through its mission to simplify the world’s payment operations.
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