Prince Edward Island’s PayTic has closed a $2.95 millon funding round led by Halifax-based Build Ventures. Island Capital Partners, Concrete Ventures and Outlierz Ventures completed the remainder of the round.
PayTic streamlines the back-office operations and risk control of digital payments for banks and fintechs by bringing 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.
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.