In 2018, Imad Bouhmadi, a Moroccan-born expert in international payment solutions, moved to Canada. Two years later, he founded PayTic, a startup offering a unique technology for streamlining administrative operations and controlling the risks associated with digital payments. Its target is banks, fintechs and other financial organisations with MasterCard and Visa products on the issuer and acquirer sides. On 3 May 2022, PayTic announced the closing of a $2.95 million round of funding for expansion. Today, our Fanaka Story zooms in on the startup run by Imad Bouhmadi, the African payments industry expert.
An all-in-one solution for better risk management of international payments
The payments industry faces challenges such as programme management. For financial institutions, it has long been necessary to rely on Excel spreadsheets to reconcile settlements, control risks and track chargebacks. Such a solution presents numerous risks of error, non-compliance and operational costs. PayTic has been designed to overcome this problem. This is an SAASThis cloud-based solution enables banks and fintechs to manage their payment products with greater control, transparency and audibility, without having to navigate between different technologies and systems.
The solution is compatible with all processors on the market and can be implemented in less than a week, without any client-side integration. Before PayTic, there was no single technology in Morocco capable of centralising payment management (reconciling payments, detecting fraud, managing disputes, filling out reports, etc.) while offering more transparent access to the entire payment ecosystem.
PayTic: Moroccan DNA for a start-up aiming for global expansion
Imad Boumahdi, founder and CEO of PayTic, arrived in Charlottetown, Canada in 2018. This Moroccan has worked for more than 15 years in the payments sector. He found that technological innovations in this field were almost always aimed at optimising the payment experience for users. The simplicity and security of transactions were always relegated to second place. To remedy this, he created PayTic to modernise the back-end of payment management, while automating and digitising the cross-functional processes involved.
The start-up has now solidified its position as a leading player in its sector, with ambitions to extend its influence internationally. This ambition stems from the growing recognition of the importance of automating back-end processes for players in the banking and financial sector, particularly in the context of the constantly evolving digital payment market. PayTic's growth is therefore a direct result of its ability to meet the essential needs of financial players in terms of back-office process automation.
To realise his ambitions, Imad Boumahdi joined the Propel cohort in June 2021 to help structure PayTic's strategy and solidify its market development on a global scale. In May 2022, the startup closed a $2.95 million funding round. The funding was led by Build Ventures, a Canadian fund specialising in emerging technologies, and included participation from Island Capital Partners, Concrete Ventures and other investors. Thanks to this round of funding, Bouhmadi and his partners have been able to strengthen the growth of their company by recruiting talent, expanding its presence in strategic markets in North America, the UK and Africa, and continuing to develop innovative fintech solutions.
It was in the midst of Covid-19, at a time of great uncertainty, that Imad Boumahdi launched his innovative young company. His expertise and experience in the world of digital payment systems enabled him to accelerate PayTic's growth, making it the first SaaS platform dedicated to the Payments Back-Office. Over the past two years, the start-up has gone from strength to strength. Today, its ambition is to help as many financial companies as possible around the world to improve downstream payment processing.
