Chari's Landmark License Transforms Retail Finance in Morocco

Moroccan fintech and e-commerce startup Chari has secured a landmark $12 million Series A funding round, marking the largest of its kind in Morocco and a pivotal moment for the country's startup ecosystem, reported by Billionaires Africa. The round, co-led by Tunis-based private equity firm SPE Capital and Orange Ventures—the venture arm of the global telecom giant—was joined by a diverse group of investors including Verod-Kepple Africa Ventures, Plug and Play, and Endeavor Catalyst. Notable business angels such as Michael Lahyani (founder of Property Finder) and Karim Beguir (founder of InstaDeep) also participated. This brings Chari's total funding to $17 million, positioning it as one of Morocco's most well-capitalized early-stage startups.

The funding comes alongside a regulatory breakthrough: Chari has become the first VC-backed company in Morocco to obtain a financial institution license from Bank Al-Maghrib, the country's central bank. The license enables the startup to offer a comprehensive suite of financial services to small merchants and retailers, including point-of-sale acquiring, digital payments, Moroccan IBANs, debit cards, international remittances, and micro-insurance distribution. "This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services," said Sophia Alj, Chari's co-founder and COO. The move aligns with Chari's broader strategy to digitize Morocco's fragmented retail sector, where informal credit and analog processes remain prevalent, according to StartupResearcher.

Chari's platform, launched in 2020, initially focused on streamlining FMCG procurement for small retailers through a mobile app, as reported by Launchbase Africa. Now, it is expanding into a "merchant super app" that integrates financial services, allowing shopkeepers to manage inventory, accept digital payments, and access tools like bill payments and mobile top-ups. Simultaneously, the company is launching a Banking-as-a-Service (BaaS) platform, opening its in-house-developed core banking infrastructure to third parties. This dual strategy—targeting both direct-to-merchant services and fintech infrastructure—has drawn praise from investors. "Chari's vision—combining merchant services with embedded finance—is exactly the kind of category-defining opportunity that creates huge value," said Nabil Triki, CEO of SPE Capital.

The startup's growth is underpinned by Morocco's $250 billion retail market, where traditional retailers account for 80% of FMCG sales, according to TechCabal. Chari already connects thousands of small shops to suppliers and has onboarded over 20,000 businesses in Morocco. With the new capital, it aims to scale its super app across Francophone Africa and expand its BaaS offerings to fintechs and enterprises seeking to embed financial services. The company also plans to leverage its central bank license to formalize operations, improve liquidity for merchants, and generate incremental revenue through value-added services.

Orange Ventures, which has invested in African startups like Julaya and Yoco, emphasized its strategic interest in Chari's potential to drive financial inclusion, as noted by TechPoint Africa. "We're not just financial investors; we bring operational synergies with our telecom and fintech assets," said Brelotte Ba, Deputy CEO of Orange Middle East and Africa. SPE Capital, meanwhile, highlighted Chari's alignment with its thesis of supporting scalable platforms in high-impact sectors, according to Tracxn. The startup's cap table includes Y Combinator, Rocket Internet, and Harvard University Management Company, reflecting broad institutional confidence.

Looking ahead, Chari faces the challenge of balancing rapid expansion with regulatory compliance and operational efficiency. Success will depend on its ability to onboard merchants at scale, ensure reliable infrastructure for its BaaS clients, and demonstrate measurable value to both retail users and enterprise partners. If executed well, Chari could set a precedent for digitizing informal retail ecosystems across North Africa—a market with significant untapped potential.