Chari, a Moroccan startup specializing in B2B e-commerce and fintech, has successfully raised $12 million in a Series A funding round to enhance its offerings for local retailers and launch a Banking-as-a-Service (BaaS) platform.
This investment round was jointly led by Tunisia-based private equity firm SPE Capital and Orange Ventures, the investment branch of the global telecommunications giant Orange. Additional investors include Verod-Kepple Africa Ventures, Plug and Play, Endeavor Catalyst, and Pincus Capital.
Established in 2020 by Ismael Belkhayat and Sophia Alj, and supported by Y Combinator, Chari began by assisting small Moroccan shopkeepers with managing online orders and deliveries. Over time, it has broadened its scope to provide credit facilities and digital solutions that simplify everyday business tasks for merchants.
Transforming the retail app into an all-in-one platform for small enterprises
Chari tackles the challenges posed by Morocco’s disjointed and inefficient supply chains, which often hinder small shop owners who rely heavily on intermediaries and cash-based transactions.
Through its mobile application, small retailers can directly order and receive fast-moving consumer goods (FMCG) without intermediaries. The company envisions evolving this platform into a comprehensive super app that integrates product procurement, payment processing, credit access, and business management tools for merchants.
With the fresh capital injection, Chari plans to broaden its financial service offerings by introducing point-of-sale (POS) devices. It also aims to launch an online payment gateway to facilitate digital transactions, a bookkeeping application named Karny to monitor customer credit, and a business analytics tool to track sales and expenses.
Currently, the platform supports bill payments, mobile airtime top-ups, and insurance sales, thereby opening new revenue streams for small-scale businesses.
Belkhayat emphasized that this funding will accelerate Chari’s mission to empower merchants throughout Morocco.
“Our goal is to create a unified platform that enables every small retailer to handle purchasing, payments, and financial services seamlessly in one place,” he explained.
Developing Morocco’s pioneering Banking-as-a-Service platform
Expanding beyond retail, Chari is venturing into fintech by building a Banking-as-a-Service (BaaS) platform. This infrastructure allows other businesses to offer financial products without the need to develop the underlying technology themselves.
The startup provides fintech companies, e-commerce platforms, and large corporations with APIs that integrate Chari’s proprietary systems for card issuance, customer identity verification (KYC), and digital wallet management.
“We are creating a BaaS platform designed to fuel the future of digital finance,” stated Alj. “This funding will enable us to enhance our infrastructure and assist partners in embedding financial services within their offerings.”
This strategic shift positions Chari as a key technology provider within the broader financial ecosystem, extending its influence beyond Morocco’s retail market by offering fintech capabilities to other enterprises.
Enhancing Africa’s retail and fintech ecosystem
Chari’s expansion highlights the pivotal role small businesses play in Africa’s digital transformation. By embedding financial services into an accessible platform, the company formalizes the participation of previously underserved merchants in the digital economy.
Investors such as SPE Capital and Orange Ventures are drawn to Chari’s dual strategy: supporting small retailers while simultaneously building fintech infrastructure, tapping into the growth potential of both digital commerce and financial inclusion.
“Chari’s integrated approach, combining merchant services with embedded finance, presents a significant opportunity to generate value across the region,” remarked Nabil Triki, Managing Partner at SPE Capital. Verod-Kepple Africa Ventures also highlighted that Chari’s focus on small businesses aligns with their vision for scalable, technology-driven expansion throughout Africa.
Since its inception, Chari has consistently invested in logistics, credit evaluation, and software innovation. This latest funding round bolsters its capacity to digitize Morocco’s extensive informal retail sector and provide digital financial services to other businesses.
Transitioning from a retail facilitator to a fintech infrastructure provider, Chari is poised to revolutionize financial interactions for small merchants, fintech startups, and enterprises across North Africa.
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