Moroccan Ecommerce Platform Chari.ma Acquires Fintech Karny.ma

Morocco-based business-to-business (B2B) e-commerce platform, Chari.ma, has acquired Moroccan fintech app, Karny.ma, a move which seeks to facilitate mobile payment transactions for its customers.

The acquisition comes after Chari.ma closed a funding round led by Plug and Play, Orange Digital Ventures, and Y combinator.

Co-founded by Ismael Belkhayat and Sophia Alj in January 2020, Chari.ma simplifies the process of connecting store owners and retailers to wholesalers in the fast-moving-consumer-goods (FMCG) sector.

Belkhayat stated that "Karny.ma users are the right target for Chari. We believe there can be many synergies between the two apps and we want to grow both in parallel with the end goal of starting to offer financial services to all of our customers."

It says it expects to end 2021 with a turnover higher than $20 million, following a monthly growth rate hovering over 10%.