PayTic Secures $4M for Expansion into Nigeria
PayTic, a Moroccan fintech startup, has secured $4 million in a seed extension funding round. The round was led by AfricInvest through their Cathay AfricInvest Innovation Fund, with participation from several other investors. This funding will support PayTic's expansion into new markets, starting with Nigeria, due to its thriving fintech ecosystem.
PayTic currently operates in Charlottetown, Canada; Casablanca, Morocco; and London, UK. It serves over 20 businesses across Europe, the Middle East, and Africa, including CIH Bank, CFG Bank, and OGS in Morocco, and BNI Madagascar. The company's platform connects with core systems of banks, card issuers, and payment processors, consolidating operational processes into unified dashboards. This comprehensive solution gives PayTic an edge over competitors like Kani Payments.
PayTic earns revenue through a hybrid model that combines subscription fees, optional volume-based pricing, and revenue-sharing arrangements. The company is now set to expand its reach with the support of investors such as Build Ventures, Axian Group, Mistral, Island Capital Partners, and Concrete.
With the $4 million seed extension funding, PayTic is poised to grow its presence in the fintech sector. The company's innovative platform and successful track record have attracted prominent investors. As it continues to serve major financial institutions, PayTic is well-positioned to make a significant impact in the Nigerian market and beyond.
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