CPE News (5.3.2022) – PayTic has raised $2.95 million in seed funding led by Build Ventures with participation of Island Capital Partners, Concrete Ventures and Outlierz Ventures, an Africa-focused early-stage VC fund based out of Morocco.
Founded by Imad Boumahdi, Charlottetown, PEI based PayTic is a provider of new solution that streamlines the back-office operations and risk control of digital payments for banks and FinTechs.
PayTic intends to use funding to add key hires to the team, grow the customer base across key regions in North America, the U.K. and Africa, and continue to build key product modules towards the vision of an end-to-end FinTech ERP platform.
photo credit: PayTic
News Release
PayTic Announces Close of $2.95M Funding Round Led By Build Ventures
Unique Technology Streamlines Back-End Operations for Payment Providers
Charlottetown, PE – May 3, 2022 – PayTic, a new solution that streamlines the back-office operations and risk control of digital payments for banks and FinTechs, announces the close of a $2.95M funding round led by Halifax-based Build Ventures. Island Capital Partners, Concrete Ventures and Outlierz Ventures completed the remainder of the round. With this technology, PayTic brings together reconciliation, chargebacks, risk control and regulatory reports in one agile SaaS platform.
In the absence of industry-dedicated program management solutions, most of the large banks, processors and more broadly, payment issuers and acquirers are using large excel spreadsheets to reconcile settlements, control risks and track chargebacks. This is causing potential errors, compliance issues and resulting in a high cost of operations. In such a competitive and very sensitive industry, PayTic’s goal is to help Banks and Fintechs increase control, transparency and auditability of payment products with less effort and cost. The solution is cloud based and requires little to zero integration from the client side. Perhaps most appealing, a client can be onboarded with the processor of their choice in less than five business days.
PayTic’s CEO, Imad Boumahdi, immigrated to Charlottetown in 2018 with over 15 years of experience in the payments industry. He recognized that over the last decade, FinTech has been primarily focused on improving the checkout experience, which added more complexity to the operations and risk control. In response, he has built the technology to bring the back-end of managing payments up to speed by streamlining and digitizing the cross functional processes behind payments. PayTic uniquely offers an all-in-one solution that centralizes the program management for banks, FinTechs, and credit unions, so they don’t have to navigate siloed technologies and systems to reconcile payments, detect frauds, manage disputes and fill in the regulatory reports. Paytic’s main competition today is Excel.
Rob Barbara, General Partner, Build Ventures, comments “There is no one technology that streamlines everything and enables access to the payments ecosystem more seamlessly. This is a global solution that we expect to see growing across North America, the U.K., the Middle East and Africa.”
Island Capital echoes this sentiment. Ron Myers, General Partner at Island Capital Partners, says “Imad’s experience, expertise and approach to business are first-class; as a solo founder, he bootstrapped the growth over the last two years and has thrived under pressure. Paytic is uniquely positioned to engage in the world market from Prince Edward Island, both from a time zone and talent perspective.”
Outlierz Ventures, an Africa-focused early-stage VC firm, with offices in Morocco, is participating in the round. “We are very excited about what Imad and his team are building. We believe automating the back-office operations for banks and Fintechs is a huge need for the digital payment industry where settlements are still reconciled via large excel sheets by banks and payment issuers worldwide. Paytic will be a game-changer in this fast-growing industry,” said Kenza Lahlou, General Partner at Outlierz Ventures.
Boumahdi started the process to get the product to production in the depths of COVID uncertainty in August 2020. He joined the Propel cohort in June 2021 to help structure PayTic’s strategy and solidify its market development globally.
PayTic’s target customers are Fintechs, Banks, Credit Unions, and financial institutions that have MasterCard and Visa products from both issuing and acquiring sides. PayTic is PCI-DSS compliant, and security is always a leading consideration as they continue to add features and modules.
PayTic’s next exciting phase will involve adding key hires to the team, growing the customer base across key regions in North America, the U.K. and Africa, and continuing to build key product modules towards the vision of an end-to-end FinTech ERP platform.
For a demonstration of Paytic:
PayTic : PayTicConnect the first SaaS platform dedicated to Back-Office of Payments. – YouTube
About PayTic
PayTic is SaaS provider that helps Fintechs, and banks streamline operations and control risk of Payment products.
Paytic Connect: The back-office of payments
About CEO, Imad Boumahdi
Imad has more than 15 years of experience in the Payments industry managing operations and controlling risk. He has participated in launching many worldwide top-tier consumer and corporate payment products. He is considered a subject matter expert in international, multicurrency, corporate and consumer payment solutions with a depth of knowledge in virtual cards solutions, e-wallets, payments digitization, and international standards of the financial industry such as ISO8583 and ISO 20022.
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For more information or to request a demo/interview:
Tara Wickwire
Propel Marketing and Communications
902.403.6391
tara@itsthemessage.ca