PayTic Secures $4M to Scale Payment Reconciliation Innovation Globally

PayTic, a fintech company modernizing payment operations for banks, fintechs, and processors has secured $4 million in seed extension funding. The investment round was led by AfricInvest through their Cathay AfricInvest Innovation Fund (CAIF), with participation from Build Ventures, Axian Group, Mistral, Island Capital Partners, and Concrete.

Founded in 2020 by Imad Boumahdi, PayTic has quickly established itself as an innovative force in the payments industry. The company’s solution automates and modernizes day-to-day operations for financial institutions, enabling scalability of payments and eliminating manual processes. They are supporting clients in Morocco, UK, Middle East, and North America.

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.

– Imad Boumahdi, Founder, PayTic

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. Paytic has a global vision to address this issue, initially starting with software to automate card payments reconciliation and chargeback management. 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.

– Lavanya Anand, Senior Manager, Cathay AfricInvest Innovation Fund

Leveraging more than three decades of experience in Africa’s financial services sector and its extensive network, AfricInvest Group is uniquely positioned to support Paytic’s regional expansion. Through this investment, CAIF seeks to further drive financial inclusion in Africa by championing a startup that creates efficiencies within digital financial services.

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 offers on the African continent and beyond over the coming years.

– Hassane Muhieddine, CEO AXIAN Financial Services

Backing PayTic from the start and continuing our support in the seed extension is a testament to our confidence in the team’s vision, execution, and ability to drive meaningful change in the industry. We believe PayTic is building something truly transformative, and we’re excited to be part of their continued growth

– Hassane Muhieddine, CEO, AXIAN Financial Services

We invested in PayTic due to its innovative approach and ability to address the evolving needs of the digital payments landscape. With a strong leadership team and a clear vision, PayTic is well-positioned to drive market disruption and capture significant growth in the years ahead, creating a transformative impact on businesses and consumers across borders.

– Nawfal Fassi Fihri, Managing Director, CDG Invest

PayTic differentiates itself in a market worth billions of dollars by targeting leaders who are driving innovation in the payment industry and are looking to implement solutions correctly from the start. Industry leaders including ALLPAY, AFS, CFG Bank, CIH Bank, OGS (Operation Global Services), and WFC (Windsof Familly Credit Union) have already recognized the value of PayTic’s approach.

PayTic is accelerating the future of payment reconciliation with the imminent launch of its innovative, no-code, and processor-agnostic module. This leap forward promises to dramatically reduce reconciliation times and complexity, delivering unparalleled agility for businesses in a rapidly evolving market.