Moroccan fintech startup PayTic has successfully raised $4 million in funding, led by AfricInvest, with participation from other notable investors including Build Ventures, Axian Group, Mistral, Island Capital Partners, and Concrete. This latest investment will enable PayTic to enhance its payment automation solutions and expand its presence in both North and Sub-Saharan Africa.
With the funding secured, PayTic aims to address the increasing demand for efficient payment processing solutions in the region while scaling its operations to meet the needs of a growing customer base. By improving automation within financial services, the startup seeks to contribute to the broader development of digital payments and stimulate economic growth across Africa.
Founded in 2020, PayTic specializes in providing software-as-a-service (SaaS) solutions tailored for card issuers. The company has already established a footprint in Canada, Morocco, and the UK, where it focuses on streamlining complex operational processes for financial institutions.
PayTic's platform automates critical tasks such as reconciliation and chargeback management, allowing banks, credit unions, and fintech companies to enhance the efficiency of their backend operations. As the demand for seamless payment solutions increases, PayTic is strategically positioned to capitalize on this trend.
The investment comes at a pivotal time for Africa's digital payments sector, which is projected to reach $1.5 trillion by 2030. Investor confidence in fintech remains robust, with startups in the industry securing a remarkable $1.4 billion in funding over recent months.
This latest funding round will bolster PayTic's expansion efforts, enabling the company to advance payment automation across the continent and support the rapidly evolving fintech landscape. As digital payment needs continue to grow, PayTic is poised to play a significant role in shaping the future of finance in Africa.
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