Chari, a Moroccan fintech and e-commerce platform, has completed a $12 million Series A funding round while simultaneously becoming the first venture capital-backed startup in Morocco to receive a payment institution licence from Bank Al-Maghrib, the country’s central bank. The dual achievement marks a transformative moment for Morocco’s fintech ecosystem and positions Chari as a comprehensive financial services provider.
The Series A round was co-led by SPE Capital and Orange Ventures, with participation from an extensive roster of global investors, including Verod-Kepple, Global Founders Capital, Plug and Play, Endeavor Catalyst, Pincus Capital, Al Khwarizmi Ventures, UM6P Ventures, Axian Group, Uncovered Fund, AfriMobility, P1 Ventures, Reflect Ventures, Dragon Capital, MyAsia VC, Harambean Prosperity Fund, and H&S Invest Holding.
The payment institution licence, granted by Bank Al-Maghrib, represents a landmark regulatory approval that empowers Chari to offer a comprehensive suite of financial services to its existing network of grocery stores, independent shop owners, retailers, and small and medium-sized enterprises across Morocco.
Expanding Financial Services Capabilities
With the newly acquired licence, Chari can now provide acquiring services through point-of-sale terminals and digital payment gateways, issue payment accounts with Moroccan IBANs and debit cards, facilitate domestic and international money transfers, enable bill payments, provide access to e-government services, and distribute micro-insurance products.
This regulatory approval enables Chari to transition from a traditional e-commerce platform into what the company describes as a “merchant super app.” The platform will allow Moroccan merchants to manage their entire business operations through a single digital interface, including ordering fast-moving consumer goods, accepting digital payments, checking account balances, paying suppliers, transferring funds, and settling bills.
“This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services,” said Sophia Alj, Co-founder of Chari, according to Innovation Village. “It will help shopkeepers digitize their flows, increase their revenues, and compete more effectively with modern retail chains.”
Banking-as-a-Service Ambitions
Beyond serving its own merchant network, Chari is positioning itself to offer banking-as-a-service capabilities to third-party businesses. Ismael Belkhayat, Co-founder and CEO of Chari, revealed that the company has spent three years building the complete technology infrastructure required to operate under its financial institution licence.
“Over the past three years, Chari has built in-house the full technology stack required to operate under its financial institution licence,” Belkhayat stated. “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 offering.”
Driving Financial Inclusion in Morocco
The development comes at a critical time for Morocco’s digital transformation efforts. By enabling traditional grocery stores and small retailers to offer financial services, Chari aims to expand financial inclusion across underserved communities while helping small businesses compete with larger retail chains.
The combination of substantial funding and regulatory approval positions Chari to accelerate its mission of digitizing Morocco’s retail sector. The company’s merchant super app approach addresses multiple pain points for small business owners, consolidating commerce, payments, and financial management into a single platform.
Industry observers suggest that Chari’s success in securing both funding and regulatory approval could pave the way for other fintech startups in Morocco and across North Africa. The payment institution licence demonstrates Bank Al-Maghrib’s willingness to support innovative financial technology solutions while maintaining regulatory oversight.
As Morocco continues to develop its digital economy, Chari’s dual achievement signals growing investor confidence in the region’s fintech potential and the maturation of its regulatory framework to support innovation while protecting consumers
Key Statistics
Funding Amount: $12 million Series A
Number of Investors: 18 global investment firms
Regulatory Milestone: First VC-backed payment institution licence in Morocco
Technology Development: 3 years building proprietary fintech infrastructure
This is a unique opportunity to turn traditional grocery stores into local points of sale for financial services.
