Moroccan fintech startup PayTic has secured $4 million in a recent funding round to advance its payment automation technology and expand its presence in North and Sub-Saharan Africa. The funding was spearheaded by AfricInvest, with contributions from Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.

Founded in 2020, PayTic offers software-as-a-service (SaaS) solutions designed to automate operational processes for card issuers. These solutions handle intricate tasks such as reconciliation and chargeback management. The platform aims to enhance efficiency, minimize errors, and streamline backend operations for a variety of financial institutions, 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 strategic support that will accelerate the company’s global growth and aid in shaping the future of payment operations.

PayTic operates with hubs in Charlottetown (Canada), Casablanca (Morocco), and London (UK), positioning itself as a key player in the rapidly expanding digital payments sector in Africa. The new funding is expected to bolster the company’s ability to meet the increasing demand for efficient and scalable fintech solutions across the continent.

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

As PayTic scales its operations, it intends to play a crucial role in modernizing payment infrastructures throughout Africa. The company aims to assist financial institutions and businesses in adapting to a digital-first economy, thereby contributing to financial inclusion and economic growth on the continent.