Chari, the Moroccan B2B e-commerce and fintech start-up, has raised a bridge financing that values the company at $100 million.
Founded in 2020 by husband and wife team Ismael and Sophia Belkhayat, Chari allows traditional local traders in Morocco to order products and have them delivered. It works with more than 50% of convenience stores in Casablanca, has expanded to Tunisia and, in August announced the acquisition of the credit book mobile application Karny.
A participant in the Y Combinator S21 bundle, the company raised a seed round of US$5 million late last year, and is now aiming to take serious action in the fintech space after closing a bridge led by Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors) and Afri Mobility, the venture capital arm of AKWA Grouper.
The recent acquisition of the Karny credit log app has provided Chari with valuable data on loans made by grocery stores to their customers, enabling her to assess the credit of unbanked store owners and determine loan terms. most appropriate payment given to each.
“Chari will use the money from this round to test BNPL’s services with its existing clients. If successful, Chari will acquire a local credit company to enable store owners to lend money to their end users and further grow their business,” said Ismael Belkhayat, CEO of Chari.
‘Sophia and Ismael are visionary leaders who always make everyone around them think bigger every time they talk to them. We believe that under their leadership, Chari will help improve the lives of millions of people in Africa through simplified financial solutions. We are proud of their mission and excited to join their adventure,” said Abdulaziz al-Turki, Managing Partner at Khwarizmi Ventures.