Morocco: Moroccan startup Chari raises bridge round at USD 100 mln valuation

Morocco-based ecommerce startup Chari has raised a bridge round of funding that values the company at USD 100 million, to test the BNPL services with its existing customers.

Chari allows traditional proximity store owners in Morocco to order products and have them delivered. It works with more than 50% of the proximity stores in Casablanca, Morocco, has expanded into Tunisia, and in August announced the acquisition of mobile credit book application Karny.

The company now aims to take steps into the fintech space after closing a bridge round led by the Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels, and Afri Mobility, the venture capital arm of AKWA Group.

The recent acquisition of the credit book app Karny gave Chari valuable data on the loans given by grocery stores to their customers, allowing it to credit-assess unbanked shop-owners and determine the most fitting payment terms given to each.