Morocco’s Fintech PayLik Raises Funds from UM6P Ventures
UM6P Ventures invested an undisclosed amount in Morocco's fintech PayLik.
Morocco’s fintech startup PayLik has raised an undisclosed amount from the Mohamed VI Polytechnic University’s investment arm UM6P Ventures, the fund announced on LinkedIn.
PayLik provides salary fintech services to streamline salary advance management by allowing employees to access portions of their salaries throughout the month using a prepaid card. The fintech aims to support companies’ HR and finance departments by facilitating advance payments to employees and bolstering companies' relationships to their employees.
PayLik has plans to expand into tech-based financial services, including loan alternatives, budget management coaching, salary savings, and bill payments, among other things, UM6P said in the announcement.
Based in Casablanca, UM6P Ventures is an early-stage investor that supports digital transformation and deeptech startups. Its Digital Transformation Startup Fund provides pre-seed and seed funds to digital transformation startups. Its Deeptech Ventures Fund provides capital and talent sourcing, in addition to subject domain expertise and access to specialized equipment and infrastructure. It has previously invested in agrobioscience, biomedicine, water and energy, AI and cybersecurity.