Morocco’s Chari Acquires Axa Credit In USD 22 Mn Deal

Moroccan B2B e-commerce and retail startup Chari has acquired Axa Credit, the credit branch of Axa Assurance Maroc, for USD 22 Mn. The news comes off the back of Chari’s recently closed seed extension round that saw it valued at USD 100 Mn and begin offering BNPL services to its customers. The deal marks the company’s second acquisition after it acquired fintech startup Karni back in mid-2021.

Chari digitizes the largely fragmented FMCG sector in parts of French-speaking Africa, particularly Morocco and Tunisia. It operates a mobile app that connects small retailers in these two countries to FMCG multinationals and local manufacturers, allowing them to order and get products in less than 24 hours.

The acquisition of Axa Credit will offer Chari the credit license needed to start offering loans to its FMCG B2B clients (which it currently does), who can then lend money to their consumer clients.