• Chari raises record $12M Series A to expand fintech services

• Secures central bank license to launch super-app for merchants

Moroccan startup Chari, a B2B e-commerce platform for fast-moving consumer goods (FMCG), announced on Oct. 15, 2025, that it had raised $12 million in a Series A funding round.

The round, co-led by SPE Capital and Orange Ventures, is the largest Series A ever raised in Morocco. It also included Verod-Kepple Africa Ventures, Global Founders Capital, Plug and Play, Endeavor Catalyst, Pincus Capital, Al Khwarizmi Ventures, and UM6P Ventures, along with several angel investors.

This brings Chari’s total funding since its founding in 2020 by Ismaël Belkhayat and Sophia Alj to $17 million. The founders said the new funds will go toward improving the company’s technology and speeding up its expansion.

“This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services,” said Alj. Belkhayat added: “Now that our rails are fully operational and supporting Chari’s needs, we are opening them to third parties. This marks the beginning of Chari’s Banking-as-a-Service (BaaS) offering.”

Central Bank License to Drive Growth

Alongside the fundraising, Bank Al-Maghrib, Morocco’s central bank, granted Chari a payment institution license. The license allows the company to offer payment accounts, debit cards, bill payments, and micro-insurance services for small merchants. Chari plans to turn its current app into a “super-app” integrating ordering, inventory management, financing, and payments.

The funding highlights the growing maturity of Morocco’s venture capital ecosystem. According to the Partech Africa 2024 report, Moroccan startups raised $82 million across 25 deals in 2024 — down 11% from 2023 — keeping Morocco among Africa’s top six startup investment destinations, behind Nigeria, South Africa, Egypt, Kenya, and Ghana.

Chamberline Moko