Moroccan startup Chari, a leader in B2B e-commerce and fintech solutions, has secured $12 million in a Series A funding round. This fresh capital will empower the company to expand its services for local retailers and roll out a new Banking-as-a-Service (BaaS) platform.
The funding round was spearheaded by Tunisia-based private equity firm SPE Capital alongside Orange Ventures, the investment arm of the global telecom giant Orange. Other contributors to the round include Verod-Kepple Africa Ventures, Plug and Play, Endeavor Catalyst, and Pincus Capital.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, and supported by Y Combinator, Chari initially focused on helping small Moroccan retailers streamline their online ordering and delivery processes. Since then, it has expanded its portfolio to include credit services and digital tools designed to simplify daily operations for merchants.
Evolving a Retail App into an All-in-One Solution for Small Businesses
Chari addresses the fragmented and often inefficient supply chain landscape in Morocco, which poses significant challenges for small retailers who depend on middlemen and predominantly cash transactions.
By leveraging its mobile app, the startup enables small shop owners to place orders directly for fast-moving consumer goods (FMCG), bypassing traditional intermediaries. The company envisions transforming this app into a versatile super app that consolidates product sourcing, payment processing, credit access, and business management functionalities into a single platform.
With the new funding, Chari plans to introduce point-of-sale (POS) terminals to enhance its financial services. Additionally, it aims to launch an online payment gateway to facilitate seamless digital transactions, a bookkeeping app called Karny to track customer credit, and a business intelligence tool to monitor sales and expenses.
Currently, the platform also supports bill payments, mobile airtime top-ups, and insurance sales, creating additional income opportunities for small merchants.
Belkhayat highlighted that this capital injection will accelerate Chari’s mission to empower retailers across Morocco.
“Our ambition is to build a unified platform where every small retailer can effortlessly manage purchasing, payments, and financial services all in one place,” he stated.
Building Morocco’s First Banking-as-a-Service Platform
Beyond retail, Chari is expanding into fintech by developing a Banking-as-a-Service (BaaS) platform. This infrastructure will enable other companies to offer financial services without having to build the underlying technology themselves.
The startup provides fintech firms, e-commerce businesses, and large enterprises with APIs that integrate financial features such as card issuance, customer identity verification (KYC), and digital wallet management directly into their platforms.
“We are creating a BaaS platform that will drive the future of digital finance,” said Alj. “This investment will help us strengthen our infrastructure and support partners who want to embed financial services into their products.”
This strategic pivot positions Chari as a vital technology enabler within the financial ecosystem, extending its reach beyond Morocco’s retail sector by supplying fintech tools to a variety of businesses.
Strengthening Africa’s Retail and Fintech Landscape
Chari’s growth story underscores the critical role small enterprises play in Africa’s digital evolution. By embedding financial services into an accessible platform, the company is helping to formalize the participation of previously underserved merchants in the digital economy.
Investors like SPE Capital and Orange Ventures are attracted to Chari’s dual approach: empowering small retailers while simultaneously building fintech infrastructure, tapping into the rapidly growing markets of digital commerce and financial inclusion.
“Chari’s integrated model, combining merchant services with embedded finance, offers a compelling opportunity to create value across the region,” noted Nabil Triki, Managing Partner at SPE Capital. Verod-Kepple Africa Ventures also emphasized that Chari’s focus on small businesses aligns perfectly with their vision for scalable, tech-driven growth across Africa.
Since its launch, Chari has consistently invested in logistics, credit assessment, and software development. This latest funding round enhances its ability to digitize Morocco’s vast informal retail sector and deliver digital financial services to other enterprises.
Transitioning from a retail enabler to a fintech infrastructure provider, Chari is set to transform financial interactions for small merchants, fintech startups, and businesses throughout North Africa.