Paytic Secures $4 Million to Propel Fintech Growth Across Africa and the Middle East
Paytic, a rapidly expanding Moroccan fintech company specializing in card management solutions and payments automation, has announced the successful closure of a $4 million funding round. This investment aims to accelerate the company’s growth, focusing on markets across Africa and the Middle East.
Leadership in Investment Round
The funding round was spearheaded by P1 Ventures, a prominent Pan-African venture capital firm. Additional participation came from Launch Africa Ventures, First Circle Capital, and various strategic investors with extensive expertise in financial technology and banking infrastructure.
Innovative Solutions for Financial Institutions
Founded in 2022 by seasoned fintech expert Sarah Benbrahim, Paytic delivers a cloud-based platform that streamlines back-office operations for financial institutions, including digital banks, neobanks, and fintech startups. The company’s technology enables enterprises to automate card program management, enhance regulatory compliance, and elevate user experiences.
CEO’s Vision for the Future
“This funding marks an exciting new chapter for Paytic,” said CEO Sarah Benbrahim. “We are building the infrastructure that supports the next generation of digital financial services. With this new investment, we plan to expand our operations, enhance our product offerings, and penetrate key markets throughout Africa and the Gulf region.”
Tackling Market Challenges
Paytic addresses significant challenges faced by many fintechs and banks in emerging markets, where fragmented payment ecosystems and complex regulations can stifle growth. By rationalizing often manual and error-prone processes, the Paytic platform enables its customers to more effectively launch and manage card products, driving operational efficiency.
Positive Reception from Investors
Investors have lauded Paytic for its impressive early traction and its clientele, which includes digital banks and suppliers from Morocco, Tunisia, Egypt, and Côte d’Ivoire. Their success showcases the potential for fintech innovations in the region and the growing demand for effective financial solutions.
Future Plans for Expansion
With the infusion of new capital, Paytic plans to double its workforce, invest significantly in product development—specifically in AI-driven compliance tools—and establish offices in key markets, with an initial focus on Dubai and Lagos.
Recognizing Morocco’s Growing Startup Ecosystem
This funding round underscores the momentum within the Moroccan startup ecosystem, attracting interest from both regional and international investors eager to tap into North Africa’s burgeoning sector of tech talent and innovative financial services.