Chari Secures $12 Million Series A and Payment License to Empower Moroccan Retailers
Morocco-based fintech and e-commerce startup Chari, a Y Combinator-backed company, has successfully closed a $12 million Series A funding round. This significant investment, spearheaded by SPE Capital and Orange Ventures, with participation from over a dozen global investors including Verod-Kepple, Global Founders Capital, Endeavor Catalyst, and Plug and Play, marks a pivotal moment for the company. Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari focuses on providing crucial services to small retailers, streamlining their ability to order fast-moving consumer goods (FMCG) and access embedded financial services within a digitized framework.
Expanding Financial Services in the Moroccan Retail Landscape
This recent funding brings Chari’s total funding to $17 million, highlighting the investor confidence in its vision. Further bolstering its capabilities, Chari has also obtained a payment institution license from Bank Al-Maghrib, Morocco’s central bank. This license is a game-changer as it empowers Chari to issue International Bank Account Numbers (IBANs) and debit cards, process both domestic and international transfers, and offer micro-insurance products. The company plans to leverage this new license to transform itself into a merchant super app. Their strategic goal is to digitize the traditionally informal retail sector and evolve corner shops into comprehensive financial service hubs, fundamentally changing how these businesses operate and interact with the financial system in Morocco.
In essence, Chari is aiming to empower local retailers in the financial space and contribute to the evolution of the Moroccan economy.
The latest developments pave the way for a more integrated financial ecosystem in Morocco’s retail sector.
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