PayTic, a Moroccan startup, has raised $4 million in a funding round and aims to expand into Africa, it said in a press statement on social media.
PayTic, which has a presence in Europe and North America, works with banks and card issuers to simplify back-end processes such as chargebacks whereby a customer disputes a transaction and requests a vendor to reverse it.
PayTic is hoping to capitalise on the growing market in Africa digital payments.
The digital payments economy in the continent is expected to be worth $1.5 trillion by 2030, according to Genesis Analytics, commissioned by Mastercard.
Internet penetration in the continent is projected to grow at a compound annual rate of 2 percent, while financial inclusion is set to expand at 6 percent per year.
In 2024, African companies won $2.2 billion worth of venture capital investment, according to Partech Partners.
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