Chari’s Landmark Leap: $12M Series A and a Pioneering License to Reshape Moroccan Commerce
In a historic moment for Morocco’s startup ecosystem, Chari, the B2B e-commerce platform connecting consumer brands with local grocery stores, has closed a monumental $12 million Series A round. This isn’t just another funding announcement; it’s a dual victory that solidifies Chari’s vision to become the ultimate financial and commercial partner for Morocco’s small businesses.
Founded in 2020 by the husband-and-wife duo Ismael Belkhayat (ex-BCG) and Sophia Alj (ex-McKinsey), Chari has now raised a total of $17 million. This latest round, the largest Series A ever in Morocco, was led by SPE Capital and Orange Ventures, with participation from a formidable coalition of international and regional investors.
A License to Innovate: Becoming Morocco’s First VC-Backed Financial Institution
Beyond the capital, Chari achieved an even more significant milestone: becoming the first VC-backed startup in Morocco to receive a payment institution license from Bank Al-Maghrib, the country’s central bank.
This license is a game-changer. It empowers Chari to evolve from an e-commerce platform into a comprehensive merchant super app. Now, through a single application, local shop owners can:
-
Order inventory for their stores.
-
Accept digital payments from customers.
-
Manage their finances with Moroccan IBANs and debit cards.
-
Pay bills and transfer money domestically and internationally.
-
Offer micro-insurance and e-government services.
Transforming Corner Stores into Community Financial Hubs
This strategic move is about more than just features; it’s about empowerment.
“As a former consultant at McKinsey, I saw firsthand the challenges small shopkeepers face,” said Sophia Alj, Co-Founder of Chari. “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.”
Building the Rails for Morocco’s Digital Future
The founders emphasized that this has been a long-term, strategic build. “Over the past three years, Chari has built in-house the full technology stack required to operate under its financial institution license,” explained Ismael Belkhayat, Co-Founder & CEO. “Now that our rails are fully operational, we are opening them to third parties. This marks the beginning of Chari’s Banking-as-a-Service (BaaS) offering.”
This signals a new chapter not just for Chari, but for the entire Moroccan fintech and retail landscape, proving that local startups can build the robust infrastructure needed to drive true financial inclusion.
Source: Followict