The YC-backed fintech secured a central bank license to offer payments, remittances, and banking services as it scales across Morocco.
Moroccan fintech Chari has raised $12 million in Series A funding to accelerate the rollout of its merchant super app. The round was led by SPE Capital and Orange Ventures, with participation from Verod-Kepple, Global Founders Capital, Plug and Play, Endeavor Catalyst, UM6P Ventures, Axian Group, AfriMobility, and others.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari began as an e-commerce platform for small retailers to order FMCG products. It has since expanded into fintech, enabling merchants to access embedded financial services such as payments, micro-insurance, and working capital.
With the new funding, Chari plans to scale its operations across Morocco and launch Banking-as-a-Service (BaaS) for corporates and startups. The initiative aims to help businesses embed digital finance tools within their platforms.
The company also secured a payment institution license from Bank Al-Maghrib, Morocco’s central bank. This milestone allows Chari to issue IBANs and debit cards, process money transfers, and distribute micro-insurance products.
Chari’s upcoming super app will let merchants order inventory, accept digital payments, check balances, transfer funds, pay suppliers, and manage bills in one unified interface.
“Our vision is to simplify how merchants manage their daily operations and financial needs” ~ Ismael Belkhayat, Chari’s co-founder and CEO.
Chari’s investors view its model as a blueprint for digitizing informal trade across Africa. The company’s next phase focuses on building financial infrastructure for retailers and SMEs beyond Morocco.