Chari Closes USD 12M Series A, Bags Fintech License For Super App In Morocco

Chari, the YC-backed Moroccan startup digitising informal retail, has raised a USD 12 M Series A, the largest of its kind in Morocco.

The round, which follows an undisclosed raise in November 2023, was led by SPE Capital and Orange Ventures, with participation from global and regional investors including Verod-Kepple, Plug and Play, Endeavor Catalyst, and Global Founders Capital. The raise brings Chari’s total funding to USD 17 M.

In a landmark development, Bank Al-Maghrib, Morocco’s central bank, granted Chari a payment institution license—the first ever for a VC-backed startup in the country. This allows Chari to offer merchants and SMEs digital payments, Moroccan IBANs, debit cards, remittances, bill payments, and micro-insurance.

Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari began as a B2B e-commerce platform for small retailers. With its own tech stack built in-house, the company now plans to scale as both a merchant super app and a Banking-as-a-Service (BaaS) platform, turning corner shops into financial hubs.