Chari's groundbreaking license revolutionizes retail financial services in Morocco

Moroccan fintech and e-commerce company Chari has closed a record-breaking $12 million Series A round, the largest ever in Morocco, representing a significant milestone for the nation’s startup landscape, according to a report by

. The round was jointly led by SPE Capital, a private equity firm based in Tunisia, and Orange Ventures, the investment arm of the global telecom leader. Other participants included Verod-Kepple Africa Ventures, Plug and Play, Endeavor Catalyst, and prominent angel investors such as Michael Lahyani (Property Finder founder) and Karim Beguir (InstaDeep founder). With this latest investment, Chari’s total funding now stands at $17 million, making it one of the best-funded early-stage startups in Morocco.

This investment coincides with a regulatory milestone: Chari is now the first venture-backed Moroccan startup to receive a financial institution license from Bank Al-Maghrib, the nation’s central bank. This license allows Chari to provide a wide array of financial products to small retailers, including POS acquiring, digital payments, Moroccan IBANs, debit cards, cross-border money transfers, and micro-insurance. “This is an unprecedented chance to transform neighborhood grocery stores into local hubs for financial services,” said Sophia Alj, Chari’s co-founder and COO. This initiative supports Chari’s mission to modernize Morocco’s fragmented retail sector, where informal lending and manual processes are still widespread, as noted by

.

Chari began in 2020 as a platform to simplify FMCG sourcing for small retailers via a mobile application, as covered by

. The company is now evolving into a comprehensive “merchant super app” that merges financial tools, enabling shop owners to handle inventory, process digital payments, and use features like bill payments and mobile recharges. At the same time, Chari is introducing a Banking-as-a-Service (BaaS) solution, making its proprietary core banking system available to external partners. This two-pronged approach—serving merchants directly and providing fintech infrastructure—has been well received by investors. “Chari’s approach of integrating merchant services with embedded finance is exactly the type of innovative opportunity that can deliver substantial value,” said Nabil Triki, CEO of SPE Capital.

The company’s expansion is fueled by Morocco’s $250 billion retail sector, where traditional shops make up 80% of FMCG transactions, according to

. Chari already links thousands of small retailers with suppliers and has registered over 20,000 businesses in Morocco. With fresh funding, the startup plans to extend its super app throughout Francophone Africa and broaden its BaaS platform for fintechs and companies looking to integrate financial services. Chari also intends to use its central bank license to formalize its operations, boost liquidity for merchants, and create new revenue streams through additional services.

Orange Ventures, which has previously backed African startups like Julaya and Yoco, highlighted its commitment to Chari’s role in advancing financial inclusion, as reported by

. “Our involvement goes beyond capital; we offer operational synergies through our telecom and fintech resources,” said Brelotte Ba, Deputy CEO of Orange Middle East and Africa. SPE Capital also emphasized that Chari fits its strategy of investing in scalable, high-impact platforms, according to . Chari’s investor roster includes Y Combinator, Rocket Internet, and Harvard University Management Company, reflecting strong institutional backing.

Looking forward, Chari must navigate the complexities of rapid growth while maintaining regulatory standards and operational excellence. Its future success will hinge on its ability to onboard merchants at scale, deliver dependable BaaS infrastructure, and prove its value to both retail and enterprise clients. If successful, Chari could become a model for digitizing informal retail markets across North Africa, unlocking significant growth opportunities in the region.