Chari, a Moroccan B2B ecommerce and fintech startup, has successfully raised $12 million in Series A funding to enhance its offerings for local retailers and launch a Banking-as-a-Service (BaaS) platform. This significant investment marks a pivotal moment for the company as it seeks to revolutionize the retail landscape in Morocco, and the publication demonstrates positive momentum in the developments.
Funding Round Details
The funding round was co-led by SPE Capital, a private equity firm from Tunisia, and Orange Ventures, the investment arm of the global telecom giant. Additional investors included:
- Verod-Kepple Africa Ventures
- Plug and Play
- Endeavor Catalyst
- Pincus Capital
showcasing a strong interest in Chari's innovative approach to retail and finance.
About Chari
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari began by helping small Moroccan shop owners with online orders and deliveries. The startup has since expanded its services to include credit and digital tools that simplify daily operations for merchants, aiming to transform its retail app into a super app that addresses the challenges of Morocco's fragmented supply chains.
Plans for the Future
With the new funding, Chari plans to enhance its financial services by introducing:
- point-of-sale terminals
- an online payment gateway
- a bookkeeping app
- a business management tool
This investment will accelerate Chari's mission to empower merchants across Morocco, providing them with a comprehensive platform to manage purchases, payments, and financial services effectively.
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