Moroccan fintech startup PayTic has secured $4 million in a recent funding round, spearheaded by AfricInvest, with additional investment from Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete. This fresh capital injection is earmarked for the enhancement of PayTic's payment automation technology and its strategic expansion into North and Sub-Saharan Africa.

Founded in 2020, PayTic specializes in providing software-as-a-service (SaaS) solutions designed to automate operational processes for card issuers. These solutions address intricate tasks such as reconciliation and chargeback management, aiming to boost efficiency, minimize errors, and streamline backend operations for a diverse clientele, including banks, credit unions, fintech companies, and other payment service providers.

Imad Boumahdi, CEO of PayTic, emphasized the significance of the investment, stating, "This significant investment is a powerful validation of PayTic’s mission and the transformative impact we are delivering." He further noted that the new investors bring valuable strategic support that will accelerate the company’s global growth and aid in shaping the future of payment operations.

With operational hubs strategically located in Charlottetown (Canada), Casablanca (Morocco), and London (UK), PayTic is well-positioned to become a key player in the rapidly expanding digital payments landscape across Africa. The newly acquired funding is expected to bolster the company’s ability to meet the escalating demand for efficient and scalable fintech solutions on the continent.

The African digital payments market is projected to reach $1.5 trillion by 2030, highlighting the substantial opportunities for fintech innovation. Despite a general slowdown in funding, fintech startups in Africa collectively secured $1.4 billion in investments last year. Partech Partners reported a 16 percent increase in the number of deals and a 59 percent surge in total funding within the sector, demonstrating investor confidence in fintech's pivotal role in Africa’s economic transformation.

As PayTic scales its operations, it aims to play a significant role in modernizing payment infrastructures across Africa. This includes helping financial institutions and businesses adapt to a digital-first economy, thereby contributing to the continent’s financial inclusion and overall economic growth objectives.