PayTic accelerates growth with $4 million funding boost

Thursday 10 April 2025 - 17:20

By: Dakir Madiha

PayTic accelerates growth with $4 million funding boost

Moroccan fintech company PayTic has successfully secured a strategic funding round of $4 million as part of its Seed extension, solidifying its role in modernizing payment operations on an international scale. The funding was led by a consortium of investors, including AfricInvest, Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrète, bolstering the startup's expansion momentum.

Founded in 2020 by Imad Boumahdi, PayTic has quickly emerged as an innovative solution to the structural challenges faced by financial institutions in payment reconciliation. In an industry where manual processes remain prevalent, particularly across various regions in Africa, the startup offers technological solutions that automate entire back-office operations. This approach not only minimizes human error but also frees up valuable time for operational teams.

Central to its offerings is a "No-Code" financial reconciliation module designed to facilitate integration without the need for technical expertise. This tool has been praised as a significant advancement by industry professionals, aiming to drastically reduce processing times while enhancing traceability and compliance in operations.

The funding round is part of a broader strategy for internationalization. According to the founder, the new capital will enhance PayTic's presence in the MEA region and establish a strong foothold in promising markets such as Canada and East Africa. The support from investors like the Cathay AfricInvest Innovation Fund underscores this goal, as they bet on the impact the startup can have in a landscape seeking robust and agile solutions.

Axian Financial Services, which already collaborates with PayTic through its subsidiaries in Madagascar (BNI Bank and MVola Bank), highlights the tangible benefits of the solution in contexts where manual management remains costly and vulnerable. Hassane Muhieddine, CEO of the group, noted that the tool secures cash flows while significantly reducing fraud risks.

Among the institutions that have already adopted the technology are ALLPAY, AFS, CFG Bank, CIH Bank, OGS, and Windsor Family Credit Union (WFC), demonstrating that the solution meets a widespread need regardless of the size or location of the banks.

This financing round also aligns with the 212 Founders program initiated by CDG Invest to boost innovation in Morocco. Nawfal Fassi Fihri, general director of CDG Invest, praised PayTic's strategic vision, emphasizing the strength of its team and the relevance of its international roadmap.

Upcoming, the startup will participate in the Gitex Africa trade show in Marrakech from April 14 to 16, 2025, aiming to expand its network, showcase its latest technological developments, and enhance its visibility among global digital and financial stakeholders.

In an increasingly demanding financial world characterized by a heightened need for transparency, speed, and reliability, PayTic stands out as a catalyst for change. By facilitating the automation of critical tasks, it paves the way for a new generation of more efficient and resilient financial institutions.