Egypt's DisrupTech Ventures Invests in Moroccan Fintech for Francophon
The investment comes as an extension of Chari's $12 million Series A round, raised less than a month ago.
Egypt-based DisrupTech Ventures has made only its second investment outside of Egypt after striking a deal with Y Combinator–backed Moroccan fintech, Chari. The investment forms part of a Series A extension round that saw it Chari raise $12 million less than a month ago, led by SPE Capital and Orange Ventures, with participation from over a dozen global investors.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari enables small retailers to order fast-moving consumer goods while accessing embedded financial services. "With DisrupTech’s backing, we are accelerating our mission to turn every corner shop into a financial access point," said Belkhayat, who serves as the company's CEO. "Together, we will continue to build technologies that drive financial inclusion and economic growth across Africa.”
Meanwhile, Mohamed Okasha, Managing Partner at DisrupTech Ventures, praised Chari for its transformative in Morocco, and the potential it holds to be just as impactful across the continent. “Chari is redefining how financial services are delivered at the grassroots level. By empowering small shops to act as financial gateways, Chari is creating the foundation for a new, inclusive fintech infrastructure in Morocco. This is exactly the kind of transformative model we seek to support across Africa.”
Boasting 20,000 onboarded retailers, Chari holds a payment institution licence from Bank Al-Maghrib, allowing it to issue IBANs and debit cards, process domestic and international transfers and offer micro-insurance.
