Moroccan fintech startup, PayTic, has successfully secured $4 million in a seed extension funding round.
The investment was led by:
- AfricInvest through their Cathay AfricInvest Innovation Fund (CAIF)
with participation from,
- Build Ventures
- Axian Group
- Mistral
- Island Capital Partners, and
- Concrete.
“This significant investment is a powerful validation of PayTic’s mission and the transformative impact we are delivering.
Beyond the capital, this funding round brings invaluable strategic expertise, enabling us to accelerate our global expansion and reshape the future of payment operations,” said CEO Imad Boumahdi.
Founded in 2020 by Imad Boumahdi, PayTic’s platform connects seamlessly with the core systems of banks, card issuers, and payment processors. It consolidates various operational processes into unified dashboards, enabling financial institutions and fintechs to automate routine tasks and meet regulatory requirements efficiently.
The company earns revenue through a hybrid model combining subscription fees, optional volume-based pricing, and revenue-sharing arrangements.
The software-as-a-service (SaaS) platform aims to enhance efficiency for banks, credit unions, fintech companies, and other payment processors by streamlining backend operations.
The startup currently serves over 20 businesses across Europe, the Middle East, and Africa. Its clients include Morocco’s CIH Bank, CFG Bank, and OGS (a processing body for Bank of Africa), as well as BNI Madagascar and several fintechs across Africa and the Middle East.
PayTic’s primary competitor is UK-based Kani Payments, known for its reconciliation services. However, CEO, Boumahdi, asserts that PayTic sets itself apart by delivering a more comprehensive solution.
While Kani targets specific segments, PayTic supports the full spectrum of a bank’s daily operational workflows.
“They focus on one piece of the process,” he said.
“We’ve built an end-to-end solution that’s integration-free, no-code, and instantly usable across the operational spectrum.”
Beyond the Middle East, PayTic is also looking to grow in new markets, starting with Nigeria.
“We’re already talking to fintechs there,” Boumahdi said. “It’s one of the most exciting fintech ecosystems on the continent, and they’re actively looking for scalable operational solutions.”
The company maintains a presence in:
- Charlottetown, Canada
- Casablanca, Morocco; and
- London, UK.
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