PayTic, a Moroccan fintech, PayTic, has secured $4 million extension to its Series Seed funding round. PayTic was founded in 2020 and offers advanced technological solutions that automate traditionally manual and complex banking processes. These tools enable financial institutions to achieve greater operational efficiency and scalability.
This latest invstment was led by a number of investors including AfricInvest, Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.
Imad Boumahdi, the founder of Paytic, expressed his enthusiasm about the funding, stating, “This investment represents global recognition of the progress we are making. It also brings more expertise to the table which will help us shape Paytic’s future together.” His vision for the company is to continue evolving and expanding its impact in the fintech landscape.
Lavanya Anand, a senior manager at the Cathay AfricInvest Innovation Fund, highlighted a surprising revelation during their investment process: “We were surprised when we discovered that payment reconciliation is a challenge not only for African companies but globally. The status quo is back-office teams using manual processes and Excel, which is inefficient especially as companies start to scale.”
Hassane Muhieddine, CEO of AXIAN Financial Services, added, “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. We are fully convinced that Paytic will develop its offerings on the African continent and beyond over the coming years.”
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