Morocco-based fintech startup Chari has raised USD 12 million in Series A funding to build a merchant-focused super app and expand its digital financial services. The round was led by SPE Capital and Orange Ventures, with participation from a global syndicate of investors including Verod-Kepple, Global Founders Capital, Plug and Play, Endeavor Catalyst, Pincus Capital, and Al Khwarizmi Ventures. Other backers include UM6P Ventures, Axian Group, Uncovered Fund, AfriMobility, P1 Ventures, Reflect Ventures, Dragon Capital, MyAsia VC, Harambean Prosperity Fund, and H&S Invest Holding.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari has rapidly evolved from a simple B2B e-commerce platform into one of North Africa’s most promising fintech companies. The startup, which is backed by Y Combinator, connects retailers and small merchants with suppliers while embedding digital payment and lending tools directly into its platform.
Driving Financial Inclusion for Merchants
Chari’s mission is to empower small and medium-sized merchants across Morocco. It wants to do so by giving them access to affordable, fast, and digital financial tools. Its existing platform enables users to:
- Order and manage fast-moving consumer goods (FMCG) inventory
- Access short-term working capital loans
- Manage payments and transactions digitally
- Purchase micro-insurance and financial protection products
The company plans to use the new funding to launch its merchant super app. This app will combine commerce, finance, and digital services in one platform. Such a product will allow retailers to order stock, make and receive payments, pay suppliers, settle bills, and transfer funds. All of this will happen within a single, integrated ecosystem.
Securing Central Bank Approval
A major milestone in Chari’s journey was securing a Payment Institution License from Bank Al-Maghrib, Morocco’s central bank. This regulatory approval positions Chari among the few non-bank entities authorized to offer a broad range of financial services, including:
- Acquiring services via POS terminals and payment gateways
- Issuing payment accounts, Moroccan IBANs, and debit cards
- Processing domestic and international transfers
- Facilitating bill payments and e-government transactions
- Distributing micro-insurance products
This license will enable Chari to transition from a traditional e-commerce model to a comprehensive fintech infrastructure provider. It will help it in extending services not only to merchants but also to other corporates through its upcoming Banking-as-a-Service (BaaS) offering.
The Road Ahead
With this funding and regulatory backing, Chari plans to deepen its presence in Morocco and expand to other North African markets. Its next phase of growth focuses on enabling digital transformation for merchants and improving financial access. In addition, it will help in building a scalable fintech ecosystem aligned with regional economic goals.
By merging e-commerce, payments, and banking in one digital experience, Chari aims to redefine how small businesses operate in the region.
