Morocco’s Fintech Startup Chari Secures $1.5 Million in Funding to Enhance its Growth Plan

Morocco-based B2B e-commerce and fintech startup, Chari has secured $1.5 million from Verod-Kepple Africa Ventures (VKAV). The investment will enable Chari to expand its reach across Africa and scale its portfolio of financial services.

The company has also hired Ryosuke (Rio) Yamawaki, a partner at VKAV, as a strategic advisor, reiterating their commitment to reforming the informal retail sector and fostering regional economic growth.

Like other African nations, Morocco conducts most of its fast-moving consumer goods (FMCG) trade through unofficial retail stores, which today make up more than 80% of all FMCG trade. These crucial institutions do, however, experience operational inefficiencies as a result of the numerous intermediaries engaged, the lack of digitization, and the restricted availability of trade credit. In this market, Chari has become a game-changer by offering necessary goods and services more effectively and affordably than informal retail establishments.

Ismael Belkhayat, CEO and Co-founder of Chari expressed his excitement about partnering with VKAV during this pivotal phase of the company’s growth. He said, “We are thrilled to onboard VKAV as our partner as we establish a cutting-edge and fundamental financial services infrastructure for the mass market in our country. With VKAV’s extensive network across Africa and profound connections with the Japanese corporate society, we believe they will consistently bring value to our endeavours.”

Ryosuke (Rio) Yamawaki, Partner at VKAV, emphasized the firm’s focus on investing in category-defining African start-ups. Yamawaki said, “Chari is uniquely positioned to transform the informal retail sector and redefine the category of informal trade in Africa. We firmly believe that their innovative approach will benefit the local market and serve as a showcase to the rest of the world.”

As VKAV joins forces with Chari, the investment will provide the necessary impetus to drive the company’s growth plans and further develop its ground-breaking financial services infrastructure for the masses. The partnership will enable Chari to continue delivering innovative solutions, propelling Morocco’s economy forward and showcasing the potential of Africa’s informal retail sector on a global scale.