Canadian RegTech Paytic closes round to expand internationally

Canada-based Paytic, which claims to be a smarter way to manage card programs, has reportedly raised $2.95m.

The funding round was led by Build Ventures, an investment firm that backs early-stage companies across Atlantic Canada, according to a report from BetaKit.

Commitments also came from Island Capital Partners, Concrete Ventures and Outlierz Ventures.

Capital from the round, Paytic hopes to hire more staff and expand its customer base across North America, the UK and Africa.

The company, which was founded in 2020, offers program management solutions to help banks, credit unions and FinTech companies manage chargebacks, fraud, KYC and CDD reconciliation, AML and more.

It claims to have created the first purpose-built SaaS platform that centralises and automates the back-office process of payments management to enable seamless, efficient and cost-effective operations.

Last month, fellow Canadian FinTech company OneVest bagged $3.8m in a funding round to support the growth of its team. The company offers digital wealth management services that can be embedded in consumer-facing products via APIs.

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