Moroccan fintech startup PayTic, which works to streamline payment operations for financial institutions, has raised a US$4 million seed extension funding round to help it build out its offering.
Founded in 2020 by Imad Boumahdi, PayTic automates and modernises the complex daily operations of banks, fintech firms, and payment processors. Its core offering addresses the inefficiencies inherent in manual processes and legacy systems, providing solutions that enhance scalability and operational efficiency.
The US$4 million investment was led by AfricInvest and also features Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete. It will be utilised to help PayTic launch its “No-Code Reconciliation” module, which promises to significantly reduce the time and complexity associated with payment reconciliation, offering enhanced agility in a rapidly evolving market.
“This significant investment is a powerful validation of PayTic’s mission and the transformative impact we are delivering,” said Boumahdi. “Beyond the capital, this funding round brings invaluable strategic expertise, enabling us to accelerate our global expansion and reshape the future of payment operations.”
Lavanya Anand, senior manager at Cathay AfricInvest Innovation Fund (CAIF), said payment reconciliation was a global issue, with back-office teams still heavily dependent on inefficient manual processes.
“PayTic tackles this problem with an innovative automation solution. CAIF is proud to support Imad and drive PayTic’s expansion into new markets across the Middle East and Africa (MEA) region,” she said.
Hassane Muhieddine, CEO of AXIAN Financial Services, also highlighted the value proposition of PayTic.
“PayTic brings strong added value to financial institutions by significantly reducing manual reconciliation and fraud management processes. In addition to our investment, we have established partnerships with PayTic through our subsidiaries BNI Bank and MVola Bank in Madagascar, and we are confident in its future development in Africa and beyond,” he said.
