Chari Raises $12M to Expand Fintech Ambitions in Morocco

Morocco’s startup scene just reached a new milestone. Chari, the B2B e-commerce and fintech startup helping small retailers digitize their operations, has raised $12 million in Series A funding and secured a payment institution license from Bank Al-Maghrib, the country’s central bank.

This move not only cements Chari’s position as a rising force in North Africa’s fintech space but also marks the first time a venture capital-backed startup in Morocco has obtained such a license, a regulatory milestone that could reshape the country’s digital finance landscape.

Backed for Regional Expansion

The Series A round was co-led by SPE Capital and Orange Ventures, with participation from Verod-Kepple Africa Ventures, Global Founders Capital, Plug and Play, Endeavor Catalyst, Al Khwarizmi Ventures, and UM6P Ventures, among others.

With this round, Chari’s total funding now stands at around $17 million, making it one of the best-funded startups in Morocco’s history.

Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari began as a platform that helps small neighborhood shops, known locally as “hanouts”, order fast-moving consumer goods (FMCG) directly from distributors. Over time, the company expanded into embedded financial services, helping these merchants access credit, manage payments, and digitize their cash-based operations.

Why the Payment License Matters

By securing a payment institution license, Chari can now directly offer financial services under regulatory supervision,without relying on third-party intermediaries.

This license allows Chari to:

• Open and manage payment accounts for merchants, complete with Moroccan IBANs and debit cards.

• Facilitate domestic and international money transfers, bill payments, and remittances.

• Offer acquiring services through POS terminals and online payment gateways.

• Distribute micro-insurance and other value-added financial products.

In simple terms, Chari can now operate like a regulated fintech, building its own financial infrastructure instead of riding on someone else’s rails.

A Step Toward the Merchant Super App

Chari’s long-term vision goes beyond logistics. The company wants to become a “merchant super app” a one-stop platform where retailers can restock goods, make and receive payments, check balances, pay bills, and access financial products, all in one interface.

The new license is a crucial step toward that goal. It gives Chari the regulatory freedom to integrate commerce and finance seamlessly, while opening the door for a new business line: Banking-as-a-Service (BaaS).

Through BaaS, Chari plans to allow other startups and businesses to embed financial services, such as accounts, transfers, or cards, directly into their own platforms, using Chari’s infrastructure and license.

This move could turn Chari into a financial backbone for Morocco’s startup ecosystem, much like Flutterwave or MFS Africa in their respective regions.

What This Signals for Morocco’s Startup Ecosystem

Chari’s achievement sends a clear signal: Morocco’s regulatory environment is becoming more open to fintech innovation.

Historically, strict regulations around payments and financial services have made it difficult for startups to operate without bank partnerships. By becoming the first VC-backed startup to secure a payment license, Chari has set a precedent that could inspire more local and international investors to bet on Moroccan fintech.

It also points to a broader trend across Africa, where B2B e-commerce startups are merging commerce with finance to deepen merchant relationships and increase revenue streams. Similar models are emerging in Egypt, Kenya, and Nigeria, but Morocco’s case is particularly notable for the regulatory breakthrough.

Hurdles to Scaling a Licensed Fintech

Despite the momentum, Chari’s next phase will not be easy.
Operating as a licensed payment institution comes with heavy compliance, risk management, and operational requirements. The company must maintain strict controls on KYC, anti-money laundering (AML), and data security, all while scaling across markets.

There’s also competition. Local banks and new fintech entrants will likely accelerate their own digital transformation efforts in response to Chari’s rise.

Finally, maintaining profitability while building infrastructure-intensive services will test Chari’s financial discipline, especially in a region where payment margins remain thin.

Still, the upside is massive. If Chari executes well, it could redefine how small retailers across Francophone Africa do business, combining convenience, finance, and trust in a single digital ecosystem.