Moroccan fintech startup PayTic has raised $4 million in funding to enhance its payment automation solutions and support its expansion into North and Sub-Saharan African markets. The funding round was led by AfricInvest, with participation from Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.
Imad Boumahdi, CEO of PayTic, expressed that the investment is a major validation of the company’s mission. “This funding, along with the strategic expertise it brings, will help us accelerate our global expansion and reshape the future of payment operations,” he said.
PayTic specializes in automating complex operational processes for card issuers, such as reconciliation and chargeback management, by offering software-as-a-service (SaaS) solutions. Founded in 2020, the company operates in multiple locations, including Charlottetown, Canada, Casablanca, Morocco, and London, UK. PayTic’s platform serves banks, credit unions, fintech companies, and other payment entities, aiming to optimize workflow efficiency and scale backend program management.
This new funding will help PayTic address the growing demand for efficient payment processing solutions in Africa, where the digital payments economy is expected to reach $1.5 trillion by 2030. The investment reflects a broader trend of increasing investor confidence in Africa’s fintech sector. Despite a decline in overall funding, fintech startups in Africa raised $1.4 billion, with a 16% year-on-year increase in deal count and a 59% rise in funding, according to Partech Partners.
With the new funds, PayTic is well-positioned to scale its operations across Africa and contribute to the growth of payment automation in the region, enhancing financial services and supporting economic development.
