Morocco’s Chari Raises $12M

Morocco-based Chari closed a USD 12 million Series A funding round. The round was led by SPE Capital and Orange Ventures.

It also saw participation from Verod-Kepple, Global Founders Capital, Plug and Play, Endeavor Catalyst, Pincus Capital, and Al Khwarizmi Ventures. In addition to, UM6P Ventures, Axian Group, Uncovered fund, AfriMobility, P1 Ventures, Reflect Ventures, Dragon Capital, and MyAsia VC. Furthermore, Harambean prosperity fund and H&S Invest holding also participated in the round.

With the funding, Chari aims to continue to scale its operations and build a super app for merchants in Morocco and beyond. Additionally, it seeks to build Banking-as-a-Service for corporates and startups seeking to embed fintech solutions.

Founded in 2020 by husband-and-wife duo Ismael Belkhayat and Sophia Alj, Chari is a YC backed fintech and e-commerce platform. It enables retailers to access embedded financial services including payments, micro-insurance, and working capital. Additionally, it also offers a digital marketplace for consumers. Its user base consists of grocery stores, independent shop owners, retailers, and SMEs.

Chari also secured a payment institution license by Bank Al-Maghrib, the country’s central bank.  This license enables Chari to offer a full suite of financial services to its existing user base including: Acquiring services via POS terminals and payment gateways, issuing payment accounts, Moroccan IBANs, and debit cards, among other services.

With this license, Chari aims to transform its e-commerce platform into a merchant super app. Through this app, it aims to enable Moroccan merchants to order FMCG products, accept digital payments, and check balances. It also aims to enable them to pay suppliers, transfer money, and pay bills on behalf of their customers.