Paytic, an innovative fintech company dedicated to modernizing payment operations for banks, fintechs, and payment processors, has successfully secured $4 million in seed extension funding. This investment round was spearheaded by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF), with additional participation from notable investors including Build Ventures, Axian Group, Mistral, Island Capital Partners, and Concrete.
Founded in 2020 by Imad Boumahdi, Paytic has developed a cutting-edge solution that automates and streamlines the daily operations of financial institutions. This technology not only enhances the scalability of payment processes but also eliminates the need for manual interventions, thereby increasing efficiency. Paytic is currently providing its services to clients across various regions, including Morocco, the United Kingdom, the Middle East, and North America.
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.”
She emphasized that Paytic has a global vision aimed at addressing this widespread issue, starting with software designed to automate card payment reconciliation and chargeback management. The Cathay AfricInvest Innovation Fund is proud to support an exceptional founder like Imad Boumahdi and is eager to leverage its extensive networks to accelerate Paytic’s expansion into new markets within the Middle East and Africa (MEA) region.
AfricInvest, leveraging over thirty years of experience in Africa’s financial services sector, believes it is uniquely positioned to assist Paytic in its regional growth. Through this investment, CAIF aims to promote financial inclusion across Africa by supporting a startup that enhances efficiencies within digital financial services.
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.”
Rob Barbara, a partner at Build Ventures, reflected on the journey with Paytic, stating, “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.”
This funding round not only underscores the confidence investors have in Paytic’s innovative approach but also sets the stage for the company’s ambitious plans for future growth and market expansion.
