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Morocco-based B2B e-commerce and fintech startup Chari has raised an undisclosed investment amount from UM6P Ventures, the investment fund of Mohammed VI Polytechnic University. The investment aims to boost financial inclusion and digital transformation in Africa.
Founded in 2020, Chari aims to digitise the entire value chain of FMCG distribution in Francophone. Chari is a mobile app that enables small retailers in Morocco and Tunisia to order products from FMCG multinationals and local manufacturers, receiving them in less than 24 hours. The platform has onboarded over 20,000 food businesses in Morocco. It also provides payment facilities and financial services through its acquisition of Karny.ma. Chari has recently obtained a payment institution licence (license d’établissement de paiement), and is now developing the needed technology to provide its partners and customers with embedded financial services.