Moroccan startup PayTic has secured $4 million in a funding round and plans to expand its operations into Africa. The company, which already operates in Europe and North America, partners with banks and card issuers to streamline back-end processes such as chargebacks, where a customer disputes a transaction and requests a reversal.
PayTic is looking to capitalize on Africa’s growing digital payments market, which is expected to reach $1.5 trillion by 2030, according to Genesis Analytics commissioned by Mastercard. The continent’s internet penetration is projected to grow at a 2% compound annual rate, while financial inclusion is anticipated to expand at 6% annually.
In 2024, African startups attracted $2.2 billion in venture capital investment, according to Partech Partners, further solidifying the region’s potential for digital payment innovation.
