Co-founders of Chari: Ismael Belkhayat (L) and Sophia AljChari, the Casablanca, Morocco-based YC-backed fintech and e-commerce platform founded in 2020 by husband-and-wife duo Ismael Belkhayat (ex-BCG) and Sophia Alj (ex-McKinsey), has raised $12 million in a Series A round, marking the largest Series A ever closed in Morocco.
The round was co-led by SPE Capital and Orange Ventures, with participation from 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.
Several high-profile business angels also joined the round, including Michael Lahyani (Founder of Property Finder) and Karim Beguir (Founder of InstaDeep).
JOIN US TO STAY UPDATED ON YOUR FAVORITE MESSENGER APP!
With this latest round, Chari’s total funding now stands at $17 million.
A landmark license from Morocco’s Central Bank
In a major milestone for Morocco’s startup ecosystem, Chari has become the first VC-backed company in the country to obtain a payment institution license from Bank Al-Maghrib, the nation’s central bank.
The license authorizes Chari to provide a range of financial services, including:
- Acquiring services via POS terminals and online payment gateways
- Issuing payment accounts, Moroccan IBANs, and debit cards
- Domestic and international money transfers, bill payments, and e-government transactions
- Distribution of micro-insurance products
With this authorization, Chari is now positioned to evolve its e-commerce platform into a full-fledged merchant super app – enabling Moroccan retailers to order FMCG products, accept digital payments, check balances, pay suppliers, transfer funds, and manage bills, all from a single platform.
Empowering Local Merchants and Financial Inclusion
“This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services,” said Sophia Alj, Co-Founder of Chari. “It will help shopkeepers digitize their flows, increase their revenues, and compete more effectively with modern retail chains.”
“Over the past three years, Chari has built in-house the full technology stack required to operate under its financial institution license,” added Ismael Belkhayat, Co-Founder & CEO of Chari. “\”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 Two-Pillar Growth Strategy
Looking ahead, Chari plans to scale its operations while focusing on two key verticals:
- A Super App for Merchants: Expanding beyond Morocco to serve retailers across Francophone Africa.
- Banking-as-a-Service (BaaS): Providing infrastructure for corporates and startups to embed fintech solutions.
Holding a payment institution license from the Central Bank of Morocco, Chari enables retailers to access embedded financial services including payments, micro-insurance, and working capital, while also offering a digital marketplace for consumer goods. The company is dedicated to digitizing informal retail and driving financial inclusion across Francophone Africa.
ⓘ As part of our ongoing support for startups and SMEs, LAFFAZ Media publishes feature and resource articles that may include references and links to external websites. These inclusions are selected at our editorial discretion to provide valuable information to our readers. LAFFAZ Media does not control, endorse, or assume responsibility for the content or practices of external websites. For more details, please refer to our Terms and Conditions.
