Cathay AfricInvest Innovation Fund leads $4m investment in Paytic
Paytic has secured $4 million in seed extension funding.
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Paytic, a fintech company modernising payment operations for banks, fintechs, and processors, has secured $4 million in seed extension funding. The investment round was led by AfricInvest through its 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's solution automates and modernises day-to-day operations for financial institutions, enabling scalability of payments and eliminating manual processes. It is supporting clients in Morocco, UK, Middle East, and North America.
“This investment represents global recognition of the progress we are making,” said 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 commented, “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 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 more than three decades of experience in Africa's financial services sector and its extensive network, AfricInvest believes it 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.
Hassane Muhieddine, CEO 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 offers on the African continent and beyond over the coming years.”
Rob Barbara, a partner at Build Ventures reflected, “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.”
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