Moroccan B2B e-commerce startup Chari secures bridge round valuing company at $100m

Chari, a Moroccan B2B e-commerce and fintech business, has raised a bridge round of funding valued at US$100 million.

Chari, which was founded in 2020 by husband and wife pair Ismael and Sophia Belkhayat, allows traditional local store operators in Morocco to order and have things delivered. It collaborates with more than half of the proximity retailers in Casablanca, has expanded into Tunisia, and announced the acquisition of mobile credit book application Karny in August.

The company, which was a participant in the Y Combinator S21 batch, raised a US$5 million seed round late last year and now plans to take serious steps into the fintech space after closing a bridge round led by Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group.

Chari’s recent acquisition of the credit book app Karny provided it with important data on the loans issued by grocery businesses to their clients, allowing it to credit-assess unbanked shop owners and identify the best payment conditions for them.

“Chari will test the BNPL services with its existing customers using the funds from this bridge round.” “If the findings are positive, Chari will buy a local credit organization to enable store owners to lend money to their end users and build their business,” stated Ismael Belkhayat, CEO of Chari.

‘Sophia and Ismael are visionary leaders who always inspire those around them to think greater every time they speak with them. We believe that Chari, under their guidance, will assist to improve the lives of millions of Africans by providing simplified financial solutions. “We are honored to be a part of their voyage,” said Abdulaziz al-Turki, managing partner of Khwarizmi Ventures.