Morocco-based fintech PayTic has successfully closed a $4 million seed extension funding round. The investment was spearheaded by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF), with significant participation from Build Ventures, Axian Group, Mistral, Island Capital Partners, and Concrete.
Founded in 2020 by Imad Boumahdi, PayTic has rapidly emerged as a key innovator within the payments landscape. The company’s core offering automates and modernizes the daily operational tasks of financial institutions, enabling enhanced scalability and eliminating cumbersome manual processes. PayTic currently supports a growing clientele across Morocco, the UK, the Middle East, and North America.
“This investment represents global recognition of the progress we are making,” stated Imad Boumahdi, Founder of PayTic. “It also brings more expertise to the table which will help us shape PayTic’s future together.”
Lavanya Anand, Senior Manager at Cathay AfricInvest Innovation Fund, highlighted the global relevance of PayTic’s solution, noting the surprising prevalence of manual reconciliation processes even in developed markets. “Paytic has a global vision to address this issue, initially starting with software to automate card payments reconciliation and chargeback management,” Anand commented. “The Cathay AfricInvest Innovation Fund (CAIF) is proud to back an incredible founder in Imad and leverage our deep networks to accelerate Paytic’s expansion into new markets in the MEA region.”
Leveraging its extensive experience in Africa’s financial services sector, AfricInvest Group is uniquely positioned to support PayTic’s regional growth. Hassane Muhieddine, CEO of AXIAN Financial Services, emphasized the strategic synergy, stating, “Alongside AXIAN’s investment and to create synergies, we have also engaged the group’s banking subsidiaries with Paytic by signing a partnership agreement with BNI Bank and MVola Bank in Madagascar.”
PayTic differentiates itself by targeting innovation-driven leaders in the multi-billion dollar payment industry. The company is poised to further disrupt the market with the upcoming launch of its innovative, no-code, and processor-agnostic module, promising to significantly reduce reconciliation times and enhance agility for businesses navigating the evolving payments ecosystem. Industry leaders such as ALLPAY, AFS, CFG Bank, and CIH Bank have already recognized the value of PayTic’s transformative approach.
