Chari, a Morocco-based fintech and e-commerce platform, has successfully closed a $12 million Series A funding round, marking a significant milestone in its growth journey. The round was co-led by SPE Capital and Orange Ventures, with additional participation from a diverse group of global investors including Verod-Kepple, Global Founders Capital, Plug and Play, Endeavor Catalyst, Pincus Capital, Al Khwarizmi Ventures, UM6P Ventures, Axian Group, Uncovered Fund, AfriMobility, P1 Ventures, Reflect Ventures, Dragon Capital, MyAsia VC, Harambean Prosperity Fund, and H&S Invest Holding.
In a landmark development, Chari has also become the first venture capital-backed startup in Morocco to be granted a payment institution license by Bank Al-Maghrib, the country’s central bank. This regulatory approval empowers Chari to offer a comprehensive suite of financial services to its existing network of grocery stores, independent shop owners, retailers, and SMEs.
With this licence, Chari can now provide:
- Acquiring services through POS terminals and digital payment gateways
- Issuance of payment accounts, Moroccan IBANs, and debit cards
- Domestic and international money transfers, bill payments, and access to e-government services
- Distribution of micro-insurance products
This strategic shift positions Chari to evolve from a traditional e-commerce platform into a merchant super app, enabling Moroccan merchants to seamlessly manage their businesses through a single digital interface. Users can now order FMCG products, accept digital payments, check account balances, pay suppliers, transfer funds, and settle bills, all within the Chari ecosystem.
Sophia Alj, Co-founder of Chari, highlighted the transformative potential of this development:
This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services. It will help shopkeepers digitize their flows, increase their revenues, and compete more effectively with modern retail chains.
Ismael Belkhayat, Co-founder and CEO of Chari, added:
Over the past three years, Chari has built in-house the full technology stack required to operate under its financial institution licence. Now that our rails are fully operational and supporting Chari’s needs, we are opening them to third parties. This marks the beginning of Chari’s banking-as-a-service (BaaS) offering.
Chari’s Series A funding and regulatory breakthrough signal a new era for fintech innovation in Morocco, with the company poised to drive financial inclusion and digital transformation across the retail sector.
