Fintech company PayTic secures $4 million funding for geographical expansion in Africa and the Middle East.
PayTic, a Moroccan fintech startup founded by Sarah Benbrahim, has recently closed a $4 million funding round. The startup aims to revolutionize the digital financial services landscape, particularly in Africa and the Gulf region.
The funding round was led by P1 Ventures, with participation from Launch Africa Ventures, First Circle Capital, and strategic angel investors. This investment will enable PayTic to double its team and scale operations, strengthen its product suite, and expand into key markets.
PayTic's core product is a SaaS platform that automates card program management and payment automation across multiple processors and payment networks. This streamlined approach significantly reduces operational costs and mitigates risks, making it an attractive solution for fintechs and banks operating in emerging markets.
The platform helps streamline processes that are often manual and error-prone, enabling clients to launch and manage card products more efficiently. It also provides AI-driven compliance tools, a feature that PayTic plans to invest heavily in.
PayTic's client base includes digital-first banks and payment providers in Morocco, Tunisia, Egypt, and Côte d'Ivoire. The startup's success is a testament to the growing momentum in Morocco's startup ecosystem and the increasing interest in the country's tech talent and burgeoning financial services sector.
Having graduated from Visa's Africa Accelerator Programme, PayTic has validation and backing that enhance its strategic growth and market credibility. Morocco's position as a fintech hub, with advancing payment infrastructure and partnerships, favors PayTic's ambitions to be a major player in pan-African digital payments and card management.
Maurizio Caio, Managing Partner at P1 Ventures, believes PayTic is positioned to become a cornerstone of Africa's fintech infrastructure. With this new funding, PayTic plans to open offices in key markets, starting with Dubai and Lagos.
The funding round highlights the potential for Morocco's fintech sector and the growing interest from regional and international investors. As PayTic expands, it will undoubtedly contribute to the digital transformation of the African and Gulf payment landscape, delivering improved user experiences, enhanced regulatory compliance, and operational efficiency.
The funding from P1 Ventures, Launch Africa Ventures, First Circle Capital, and strategic angel investors will help PayTic, a Moroccan fintech startup, to expand its team, strengthen its product suite, and enter key markets, becoming a cornerstone of Africa's fintech infrastructure within the startup ecosystem. The tech-driven focus on automating fintech and banking processes, particularly through its SaaS platform for card program management and payment automation, is positioning PayTic to revolutionize the digital financial services landscape in Africa and the Gulf region.
