More
    HomeEcosystem NewsLatest FundingCDG Invest’s 212 Founders Program Invests in PayTic

    CDG Invest’s 212 Founders Program Invests in PayTic

    Published on

    spot_img

    In a significant move towards fostering financial innovation, the 212Founders program, through CDG Invest, has announced its commitment to investing in Morocco’s PayTic. This funding injection is poised to empower PayTic, a startup aiming to revolutionize the back-office processes of payment card issuers, catalyzing their growth, according to an official statement.

    Nawfal Fassi Fihri, the director of the 212Founders program, commended Imad Boumahdi, the visionary mind and Fintech expert behind PayTic, for his dedication to innovation in modernizing the back-office operations of payment card issuers. This strategic investment by 212Founders aligns with the program’s mission to support startups in their growth journey.

    Imad Boumahdi, the founder of PayTic, expressed optimism about the partnership with CDG Invest, emphasizing that this funding round would fortify PayTic’s position in the Moroccan market. He further stated that the raised capital would facilitate the expansion of PayTic into the international market, marking a pivotal milestone in the company’s global ambitions.

    It is worth noting that 212Founders, initiated by CDG Invest in September 2019, serves as an investment and support program for startups. The program aims to contribute to the creation and growth of Moroccan startups with international aspirations. Since its inception, 212Founders has successfully secured 19 Seed and Series A financings, totaling an impressive 110 million dirhams (MDH) in investments.

    This latest investment in PayTic not only underscores CDG Invest’s commitment to fostering innovation but also highlights the potential for Moroccan startups to make a global impact. As PayTic gears up to transform the landscape of payment card issuers’ back-office processes, the collaboration with 212Founders is expected to serve as a catalyst for the startup’s local and international success. The infusion of funds is set to propel PayTic’s growth, enabling it to navigate the competitive financial technology landscape with greater ease and efficiency.

    Latest articles

    Africa-focused VC Firm Raba Partnership Raises $59.6M for Second Fund

    Raba’s geographic focus remains on the African continent, with a particular emphasis on high-growth hubs in Nigeria, South Africa, Egypt, and Kenya.

    develoPPP Ventures Pours New Funding into Five Ghanaian Startups, Eyes Côte d’Ivoire Expansion

    This marks the fourth develoPPP Ventures cohort in Ghana, reflecting BMZ’s ongoing commitment to fostering local innovation and sustainable economic growth in emerging markets.

    Local Startups Brace for Fallout as Algeria Blocks Banking Transactions with France in Diplomatic Row

    For Algerian startups, the diplomatic clash with France could not have come at a more critical time.

    MultiChoice’s Fintech Arm ‘Moment’ Reaches $80M Valuation Following Recent $22M Funding Round

    Founded in 2023, Moment is a joint venture between MultiChoice, payments platform Rapyd, and venture capital firm General Catalyst.

    More like this

    Africa-focused VC Firm Raba Partnership Raises $59.6M for Second Fund

    Raba’s geographic focus remains on the African continent, with a particular emphasis on high-growth hubs in Nigeria, South Africa, Egypt, and Kenya.

    develoPPP Ventures Pours New Funding into Five Ghanaian Startups, Eyes Côte d’Ivoire Expansion

    This marks the fourth develoPPP Ventures cohort in Ghana, reflecting BMZ’s ongoing commitment to fostering local innovation and sustainable economic growth in emerging markets.

    Local Startups Brace for Fallout as Algeria Blocks Banking Transactions with France in Diplomatic Row

    For Algerian startups, the diplomatic clash with France could not have come at a more critical time.