Moroccan fintech and e-commerce platform Chari has successfully closed a $12 million Series A funding round. The investment was co-led by SPE Capital and Orange Ventures and will fuel the company’s plans to scale its operations, launch a comprehensive super app for merchants, and develop a Banking-as-a-Service (BaaS) solution for corporate clients.
A Landmark Series A Round
The funding round saw significant participation from a diverse group of new and existing investors, reflecting strong confidence in Chari’s model and growth trajectory. Key participants included Verod-Kepple, Global Founders Capital, Plug and Play, Endeavor Catalyst, and Pincus Capital. The round also attracted investment from Al Khwarizmi Ventures, UM6P Ventures, Axian Group, Uncovered Fund, AfriMobility, P1 Ventures, Reflect Ventures, Dragon Capital, MyAsia VC, Harambean Prosperity Fund, and H&S Invest Holding.
Securing a Key Central Bank License
In a major strategic development, Chari has also obtained a payment institution license from Bank Al-Maghrib, Morocco’s central bank. This license is a critical enabler for the company’s fintech ambitions, allowing it to offer a full suite of financial services to its user base of retailers and small businesses. These newly unlocked capabilities include:
- Payment acquiring services through POS terminals and online gateways.
- Issuing local payment accounts, Moroccan IBANs, and debit cards.
- Facilitating domestic money transfers, international remittances, and bill payments.
- Distributing micro-insurance products.
Fueling Super App and BaaS Ambitions
With the new capital and regulatory approval, Chari is set to transform its platform into an all-in-one merchant super app. This will empower Moroccan merchants to not only order FMCG products but also accept digital payments, manage balances, pay suppliers, and offer financial services like bill payments and money transfers directly to their customers. Furthermore, Chari aims to build out a Banking-as-a-Service offering, enabling other startups and corporations to embed its fintech solutions into their own platforms.
About Chari
Founded in 2020 by the husband-and-wife team Ismael Belkhayat and Sophia Alj, Chari is a Y Combinator-backed startup that provides a fintech-powered e-commerce platform for retailers in Morocco. The company serves a user base of grocery stores, independent shop owners, and SMEs, enabling them to access a digital marketplace and embedded financial services such as payments, working capital, and micro-insurance.
Source: Waya
