• Moroccan fintech PayTic raised USD 4 million in funding to expand payment automation solutions across Africa, led by AfricInvest.
• The startup aims to scale operations in North and Sub-Saharan Africa, addressing rising demand for efficient payment solutions.
• PayTic’s funding reflects investor confidence in Africa’s fintech sector, which attracted USD 1.4 billion in investments this year.

PayTic

What happened? Moroccan fintech startup PayTic raised USD 4 million in funding in a round led by AfricInvest. Alongside, participation from Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.

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.”

What will they do with the funding? With the new funding, PayTic aims to advance its payment automation solutions and expand into North and Sub-Saharan African Markets.

The startup aims to support its efforts to address the increasing demand for efficient payment processing solutions in Africa. In addition, it aims to scale its operations across the continent. This is to contribute to the evolution of payment automation in Africa as well enhance financial services and economic growth.

Digital Payments

Who are they? Founded in 2020, PayTic is a fintech company specializing in software-as-a-service (SaaS) solutions for card issuers. The startup has an existing presence in Canada, Morocco and the UK. 

Furthermore, the startup focuses on automating complex operational processes for card issuers. It also offers SaaS solutions that streamline tasks such as reconciliation and chargeback management. Additionally, it serves banks, credit unions, and fintech companies, aiming to optimize workflow efficiency and scale backend programme management.

Why does this matter? It is projected that Africa’s digital payments economy will reach USD 1.5 trillion by 2030; which presents growth opportunities for fintechs. 

In addition, this funding is a reflection of a broader trend of investor confidence in Africa’s fintech sector. This is because it comes amid fintech startups in Africa securing USD 1.4 billion from investors.