Moroccan Startup Chari Raises $12 Million in Series A Funding to Drive Retail and Fintech Expansion

Moroccan retail-tech startup Chari has raised $12 million in Series A funding to accelerate its growth in the retail and Banking-as-a-Service (BaaS) sectors. The funding marks a significant milestone for the Casablanca-based company as it continues to empower small retailers across North Africa with digital and financial tools.

Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari began as a digital platform enabling small shop owners to manage orders and deliveries seamlessly. Over the years, the startup has evolved into a comprehensive retail and fintech ecosystem, providing merchants with access to credit, payments, and business management solutions.

The Series A round was co-led by SPE Capital, a Tunisia-based private equity firm, and Orange Ventures, the venture capital arm of global telecom group Orange. Other participating investors included Verod-Kepple Africa Ventures, Plug and Play, Endeavor Catalyst, and Pincus Capital.

Chari’s platform addresses long-standing challenges in Morocco’s fragmented retail sector, where many shop owners rely on inefficient cash-based supply chains. By enabling direct digital orders and fast deliveries, the startup eliminates middlemen, reduces operational costs, and improves transparency for small businesses.

With the fresh capital, Chari plans to expand its product offerings beyond logistics and credit into digital payments and financial management tools. Upcoming features include:

• Point-of-Sale (POS) terminals to facilitate in-store electronic payments.

• An online payment gateway and bookkeeping app, Karny, for managing customer credit.

• Sales and expense tracking tools to help merchants digitize their operations.

The app already allows users to pay bills, recharge phones, and sell insurance, creating new income streams for small retailers.

Commenting on the funding, Ismael Belkhayat, Chari’s co-founder and CEO, said:

“We are building a single platform that helps every small retailer manage purchases, payments, and financial services in one place. This investment brings us closer to that goal and strengthens our mission to digitize the informal retail economy.”

Beyond retail digitization, Chari is developing Morocco’s first Banking-as-a-Service (BaaS) platform, which will allow third-party companies to embed financial services into their offerings without building the infrastructure from scratch.

Co-founder Sophia Alj emphasized the broader vision:

“We are creating a BaaS platform to power the next generation of digital finance. This funding will enhance our infrastructure and enable other companies to offer embedded financial solutions.”

The company’s innovative approach—merging retail technology with fintech infrastructure—has captured investor confidence. Nabil Triki, Managing Partner at SPE Capital, noted:

“Chari’s model, which links merchant services with embedded finance, represents a major opportunity to create long-term value in the region.”

Similarly, Verod-Kepple Africa Ventures highlighted Chari’s potential for pan-African expansion, citing its success in serving small and medium-sized merchants and its scalable business model.

Since inception, Chari has strengthened its capabilities in logistics, credit, and software, helping thousands of informal retailers modernize their operations. The $12 million Series A will further enable the company to deepen its impact in Morocco and extend its fintech solutions across Africa.

By combining retail enablement and digital finance, Chari is positioning itself as a key catalyst in Africa’s digital transformation, empowering small businesses to thrive in an increasingly connected economy.