Chari, a fintech and e-commerce startup headquartered in Morocco, has recently raised a $12 million Series A round, the highest in the country’s history.
This development has caused a wave of surprise in the fintech sector. This round, which SPE Capital and Orange Ventures spearheaded, was attended by more than a dozen global investors, including Endeavour Catalyst, Global Founders Capital, Verod-Kepple, and Plug and Play.
Chari, founded in 2020 by Ismael Belkhayat and Sophia Alj, helps small shops order FMCG and access embedded banking services. Chari now has $17 million in finance and a breakthrough payment institution licence from Morocco’s state bank, Bank Al-Maghrib.
Morocco’s first VC-backed payment institution license empowers Chari’s growth
The licence allows Chari to become Morocco’s first venture capital-backed payment institution, paving the way for small companies and retail banking services. With this regulatory approval, Chari can issue Moroccan IBANs and debit cards, transfer money, pay bills, and offer micro-insurance. By making corner stores financial hubs, these capabilities will revolutionise informal retail markets.
RelatedPosts
As co-founder Ismael Belkhayat said, “We are digitising informal retail and empowering independent retailers with powerful financial tools they never had before”.
Chari’s vision extends beyond payment processing. The company aims to build a “merchant super app” that combines retail ordering and embedded financial services, providing an indispensable platform for SMEs across Morocco.
The money raised will hasten this expansion by increasing Chari’s footprint and improving its technological infrastructure. Chari is providing smooth and practical retail experiences that promote digital transformation in Morocco’s formal and informal sectors by integrating payment acquisition through POS terminals and digital gateways.
Morocco’s fintech ecosystem is being transformed, and this dual accomplishment of pioneering licensing and high-value funding underscores Chari’s role as a trailblazer.
The company’s unique licence enables it to spearhead financial innovation for the region’s retail landscape, while its extensive investor base demonstrates the increasing international confidence in Moroccan startups.