Chari secures $12 million in Series A funding and receives payment institution approval from Bank Al-Maghrib

Chari has successfully raised $12 million in its Series A funding round, co-led by SPE Capital and Orange Ventures. The round also saw participation from several investment funds, 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, H&S Invest Holding, as well as notable business angels like Michael Lahyani, founder of Propertyfinder, and Karim Beguir, founder of InstaDeep. With this latest funding, Chari has raised a total of $17 million. In addition, Bank Al-Maghrib, the Moroccan central bank, has granted Chari a payment institution license. This license allows Chari to offer traditional merchants a comprehensive range of financial services, including payment accounts, debit cards, bill payments, and micro-insurance distribution. Chari plans to transform its e-commerce application into a "super app" aimed at local businesses, helping them digitize their operations and diversify their revenue streams. The technology developed entirely in-house will also enable Chari to launch its Banking-as-a-Service (BaaS) offering, allowing startups to integrate embedded finance solutions into their services. "This is a unique opportunity to transform traditional businesses into genuine access points for local financial services," said Sophia Alj. "Now that our infrastructure is operational, we are accelerating the deployment of Chari, both as a super app for merchants and as a Banking-as-a-Service platform for our partners," added Ismael Belkhayat. "We are pleased to continue supporting such ambitious and impactful founders. Chari's vision—combining merchant services with embedded finance—perfectly embodies the type of high-potential opportunity capable of redefining an entire sector and creating immense value. We are excited to accompany them on their journey in Morocco," stated Nabil Triki, General Partner at SPE Capital. "The approach taken by Chari, which focuses on empowering local merchants through a scalable technology platform, aligns perfectly with our vision. This funding round strengthens the link between finance and commerce in Morocco, and we are thrilled to support Chari in its mission to become the reference infrastructure for banking and payments for merchants," emphasized Ryosuke Yamawaki, Partner at Verod Kepple Africa Ventures.