Fintech startup Chari raises bridge round, valuing company at US$100m

MOROCCO – B2B e-commerce and fintech startup Chari has raised a bridge round of funding led by the Saudi-based venture capital fund Khwarizmi Ventures (KV), AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group.

“Chari will use the money from this bridge round to test the BNPL services with its existing customers. Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end users and further grow their business” said Ismael Belkhayat, Chari’s CEO.

This bridge round, that now values the company at US$100 million, allows Khwarizmi Ventures, Air Angels and AKWA Group to join the existing cap table of Chari that includes Y combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital, P1 Venturs among others.

‘Sophia and Ismael are visionary leaders that always make everyone around them think bigger every time they speak with them. We believe that under their leadership Chari will help in improving the lives of millions in Africa through simplified financial solutions. We are proud of their mission and delighted to join their adventure,” said Abdulaziz al-Turki, managing partner at Khwarizmi Ventures.

Founded in 2020 by husband and wife team Ismael and Sophia Belkhayat, Chari allows traditional proximity store owners in Morocco to order products and have them delivered.

Chari is a B2B e-commerce and FinTech startup that digitizes the largely fragmented FMCG sector in French-Speaking Africa. By using Chari’s app, traditional convenience stores in Morocco and Tunisia can order all the products they need and receive them in less than 24 hours.

It works with more than 50 per cent of the proximity stores in Casablanca, has expanded into Tunisia, and in August announced the acquisition of mobile credit book application Karny.

The recent acquisition of the credit book app Karny gave Chari valuable data on the loans given by grocery stores to their customers, allowing it to credit-assess unbanked shop-owners and determine the most fitting payment terms given to each.

Chari also recently graduated from the Y Combinator Summer 21 batch.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE

Other Recent Posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.