Moroccan B2B e-commerce startup Chari has raised US$12 million in Series A funding, the largest such round ever recorded in the country, as it aims to transform its operations into a “super app” and expand its new banking-as-a-service (BaaS) platform across Africa.
Founded in 2020 by husband-and-wife duo Ismael and Sophia Belkhayat, the Casablanca-based company has already digitized over 20,000 local shops across Morocco, helping store owners order and receive goods efficiently.
The funding round was led by SPE Capital and Orange Ventures, with participation from Global Founders Capital, Plug and Play, Endeavor Catalyst, and several others.
The investment, which brings Chari’s total capital raised to US$17 million, will accelerate its mission to modernize Africa’s fragmented retail sector.
“This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services,” said Sophia Belkhayat, Chari’s co-founder.
What Chari Does
At its core, Chari is designed to help small, traditional shopkeepers, who dominate retail distribution in Morocco, source fast-moving consumer goods (FMCGs) more easily. Through its digital platform, retailers can order products, track deliveries, and manage inventory digitally.
Since launching, Chari has served tens of thousands of micro and small businesses and expanded its footprint into Tunisia and Côte d’Ivoire, tapping into Africa’s estimated $600 billion informal retail market.
The company’s model combines logistics, e-commerce, and credit services, an integration that appeals to informal retailers often overlooked by traditional banks and suppliers.
Chair’s Market Capacity and Expansion Plans
Morocco’s retail sector remains dominated by small family-owned shops, which account for around 80% of the country’s retail trade, according to national data.
Yet, most of these businesses operate without digital tools, limiting efficiency and access to finance. Chari’s technology is designed to bridge that gap by integrating e-commerce with digital payments and credit options.
Having established dominance in Morocco, Chari’s next step is scaling its operations across Francophone Africa, where similar retail conditions exist.
The company has already laid the groundwork in Tunisia and Côte d’Ivoire and aims to extend to other West African markets in 2026, leveraging its logistics infrastructure and newly acquired financial capabilities.
The Banking License Achievement
In a milestone moment for Morocco’s startup ecosystem, Chari became the first VC-backed company in the country to obtain a payment institution license from Bank Al-Maghrib, Morocco’s central bank.
The license grants Chari authority to offer digital payment solutions and financial services to its growing network of merchants.
“Over the past three years, Chari has built in-house the full technology stack required to operate under its financial institution license,” said Ismael Belkhayat, Chari’s co-founder and CEO.
“Now that our rails are fully operational and supporting Chari’s needs, we are opening them to third parties. This marks the beginning of Chari’s Banking-as-a-Service (BaaS) offering.”
The license allows Chari to provide services such as mobile payments, fund transfers, supplier settlements, and bill payments, all integrated within its merchant ecosystem.
The Super-App Vision
With fresh funding and regulatory approval, Chari is now building a merchant super app, a single digital hub where retailers can manage their daily operations, access working capital, process transactions, and pay bills.
The concept mirrors Asia’s fintech giants like Grab or GoTo but tailored for North Africa’s retail realities. Through this app, small shopkeepers will be able to accept digital payments, transfer funds, and offer financial services to their own customers.
“It will help shopkeepers digitize their flows, increase their revenues, and compete more effectively with modern retail chains,” added Sophia Belkhayat.
The company envisions a future where every small grocery store can double as a mini financial service provider in its neighborhood.
What This Means for Average Moroccans
For ordinary Moroccans, Chari’s evolution represents a digital leap forward in how everyday commerce and payments are conducted.
The startup’s growing network of merchants, estimated to serve millions of Moroccan consumers, could play a central role in advancing financial inclusion, especially among unbanked populations.
As Chari transitions from e-commerce to fintech, it could also help reduce cash dependency, streamline supply chains, and strengthen local economies.
Beyond Morocco, its success could serve as a model for digitizing informal markets across Africa, where small retailers remain the backbone of commerce.
Talking Point
Chari’s latest milestone underscores how Africa’s tech innovation is increasingly merging commerce with fintech to solve long-standing inefficiencies in the informal economy.
On the technology front, the company’s move from a simple B2B e-commerce platform to a full-fledged Banking-as-a-Service (BaaS) provider demonstrates the strategic power of building an integrated tech stack, one capable of handling logistics, payments, and financial services within a unified digital ecosystem.
This is not just a retail upgrade; it’s a tech-driven infrastructure shift that leverages data, automation, and digital payment rails to digitize small businesses at scale.
By developing its systems in-house, Chari shows a maturing level of technical independence and scalability uncommon in many African startups, setting a precedent for homegrown solutions tailored to local market realities.
Upon effective execution, its super app could become a transformative platform that redefines how small retailers operate, transact, and access financial tools in Morocco and beyond.
