Chari Raises $12 Million Series A & Secures Payment Licence in Morocco

Morocco-based fintech and e-commerce startup Chari has raised $12 million in a Series A round, led by SPE Capital and Orange Ventures, with participation from Verod-Kepple, Global Founders Capital, Plug and Play, and Endeavor Catalyst. The funding brings Chari’s total capital raised to $17 million to date. In tandem with the investment, Chari has been granted a payment institution licence from Bank Al-Maghrib, making it one of the first VC-backed startups in Morocco to receive such authorisation. The licence allows Chari to issue Moroccan IBANs and debit cards, process transfers, and expand into micro-insurance and digital payments, paving the way for the platform’s evolution into a merchant super app. Founded by Ismael Belkhayat and Sophia Alj, Chari operates as a digital B2B platform connecting small retailers with suppliers of fast-moving consumer goods (FMCG). The company’s embedded finance model enables store owners to access digital tools and financial services, driving inclusion in Morocco’s retail ecosystem. With the new funding and licence, Chari plans to scale its fintech infrastructure and open it to third parties through a Banking-as-a-Service (BaaS) model. The move positions Chari to deepen its role in digitising informal retail while expanding its reach across Morocco and into new African markets.