Morocco-based startup Chari has raised $12 million to develop a merchant super app, expanding its fintech and e-commerce services for small retailers across North Africa. The Series A round was led by SPE Capital and Orange Ventures, with participation from Global Founders Capital, Plug and Play, Verod-Kepple, Endeavor Catalyst, Pincus Capital, and Al Khwarizmi Ventures.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari began as a B2B platform digitizing how mom-and-pop grocery stores and small retailers order consumer goods from FMCG suppliers. Through its app, merchants can restock inventory, make digital payments, and access financing — with same-day delivery across major cities in Morocco.
The new investment follows Chari’s earlier seed round of $5 million at a $70 million valuation, led by Rocket Internet, Global Founders Capital, and Plug and Play. That round helped the company expand its logistics operations and acquire Karny, a credit management and bookkeeping app used by thousands of neighborhood stores. The acquisition extended Chari’s network to more than 50,000 merchants across Morocco and Tunisia.
Chari recently obtained a payment institution license from Bank Al-Maghrib, Morocco’s central bank, enabling it to issue accounts and debit cards, process domestic and international transfers, operate POS systems, and offer bill payments and micro-insurance. These new capabilities lay the groundwork for Chari’s upcoming merchant super app, which will integrate FMCG ordering, supplier payments, balance tracking, and embedded financial services under one digital ecosystem.
The company plans to use the funds to scale its operations, develop Banking-as-a-Service (BaaS) tools for corporates and startups, and expand into francophone Africa, including Senegal, Ivory Coast, and Cameroon.
Chari raises $12M from SPE Capital & Orange Ventures after securing Morocco’s Central Bank license