PayTic, a Morocco-based fintech that helps banks and fintechs automate their day-to-day operations, has raised $4.4 million to deepen its presence within the Center East and Africa and increase its international distribution partnerships.
AfricInvest led the funding spherical with participation from Axian Enterprise Lab and Mistral VC. Current buyers, together with CDG Make investments, Construct Ventures, Concrete VC, and ICP Ventures, participated within the newest spherical. The recent funding brings PayTic’s whole funding to $7.4 million.
Whereas many fintechs chase end-user adoption, PayTic is a part of a quieter infrastructure push: constructing back-end instruments that automate day-to-day operations for banks, card issuers, fee processors, and fintechs. It’s a much less seen slice of the $47 billion trade, however one which’s turning into more and more essential because the area’s monetary programs scale in complexity.
The Casablanca-based startup, based in 2020 by Imad Boumahdi, provides an infrastructure layer that helps day-to-day operations, together with reconciliation, chargebacks, fraud administration, and compliance for fee suppliers. PayTic focuses on what Boumahdi calls “the operational aftermath of funds.”
“The issue we’re fixing is essentially invisible to customers however mission-critical for fintechs, banks, and card issuers,” Boumahdi advised TechCabal. “We’ve constructed a no-code working system for fee operations.”
PayTic’s platform integrates instantly with the back-end programs of banks, card issuers, and fee processors. From there, it centralizes operational workflows into dashboards that enable these gamers—banks, card issuers, fintechs, and fee processors—to automate repetitive duties and keep regulatory compliance at scale. Paytic generates income by means of a mixture of subscription charges, with optionally available volume-based pricing, and revenue-sharing agreements.
The startup at the moment serves over 20 companies throughout Europe, the Center East, and Africa. Its purchasers embrace Morocco’s CIH Financial institution, CFG Financial institution, and OGS (a processing physique for Financial institution of Africa), in addition to BNI Madagascar and several other fintechs throughout Africa and the Center East.
PayTic’s largest competitor is Kani Funds, a UK-based agency that gives reconciliation options. Boumahdi claims PayTic differentiates itself by providing a extra holistic platform. In contrast to Kani Funds, which focuses on sure segments, Paytic covers the whole workflow of a financial institution’s day by day operations.
“They give attention to one piece of the method,” he mentioned. “ We’ve constructed an end-to-end answer that’s integration-free, no-code, and immediately usable throughout the operational spectrum.”
Past the Center East, PayTic can be trying to develop in new markets, beginning with Nigeria. “We’re already speaking to fintechs there,”Boumahdi mentioned. “It’s one of the vital thrilling fintech ecosystems on the continent, and so they’re actively in search of scalable operational options.”
Whereas PayTic’s market stays area of interest, the rising complexity of funds throughout Africa and the Center East may flip operational automation from a nice-to-have right into a necessity. Whether or not PayTic can scale its mannequin past early partnerships will rely upon how deeply embedded its platform turns into within the area’s monetary market.