Chari Breaks Barriers with $12M Raise and Morocco’s First Fintech License

In Morocco’s buzzing startup landscape, a husband-and-wife duo is changing the rhythm of everyday business. Ismael Belkhayat and Sophia Alj, the brains behind Chari, have turned a simple idea into a national breakthrough — raising $12 million in Series A funding and becoming the first VC-backed startup in Morocco to receive a payment institution license from the Central Bank.

When Chari launched in 2020, its mission was modest yet powerful: to help small, family-run grocery stores restock goods through a digital platform. But four years later, the Casablanca-based company has evolved into a symbol of Morocco’s fintech revolution — one that blends technology, inclusion, and human ambition.

With the new license from Bank Al-Maghrib, Chari is no longer just a logistics app; it’s becoming a “merchant super app” that helps small businesses access the kind of financial services once reserved for big corporations. Through the platform, merchants can now make digital payments, open Moroccan IBANs, issue debit cards, transfer money, pay bills, and even access micro-insurance — all from a single app on their smartphones.

“This is a unique opportunity to turn small neighborhood shops into local financial hubs,” said Sophia Alj.
“Now that our rails are ready, we’re scaling Chari as both a super app for merchants and a Banking-as-a-Service platform for partners,” added Ismael Belkhayat.

The $12 million Series A round — Morocco’s largest to date — was led by SPE Capital and Orange Ventures, with participation from global players such as Verod-Kepple, Plug and Play, Endeavor Catalyst, Global Founders Capital, Axian Group, and others. Prominent angel investors including Michael Lahyani, founder of Propertyfinder, and Karim Beguir, founder of InstaDeep, also joined in. This latest round brings Chari’s total funding to $17 million — a rare feat for a North African startup.

“We are happy to continue to back such bold, high-impact founders,” said Nabil Triki, Managing Partner and CEO at SPE Capital. “Chari’s vision — combining merchant services with embedded finance — is exactly the kind of category-defining opportunity that creates huge value. We are thrilled to support their journey in Morocco.”

“Chari’s focus on empowering local merchants via a tech-first, scalable platform resonates deeply with our thesis,” added Ryosuke Yamawaki, Partner at Verod Kepple Africa Ventures. “This round strengthens the bridge between finance and commerce in Morocco – and we are excited to help Chari become the leading infrastructure for merchant banking and payments.”

Beyond the boardrooms and funding figures lies the heart of Chari’s mission — the people. The corner shop owner in Casablanca who can now accept digital payments from regular customers. The small market vendor in Fez who can send money to suppliers without traveling long distances. The mother running a local kiosk in Marrakesh who can now get micro-insurance for her business. For them, Chari’s technology is not just a convenience — it’s a lifeline.

Built entirely in-house by a local team, Chari’s technology stack will soon support other startups through Banking-as-a-Service (BaaS), allowing companies to embed financial tools into their own platforms. It’s an open door for collaboration, creating a digital ecosystem where finance flows more freely and small businesses thrive.

Founded in 2020, Chari is a Morocco-based, YC-backed fintech and e-commerce platform that enables retailers to access embedded financial services such as payments, micro-insurance, and working capital. With its license from Bank Al-Maghrib, Chari is committed to digitizing informal retail and advancing financial inclusion across Francophone Africa.

From its humble beginnings in Casablanca to its growing footprint across the region, Chari’s story is proof that innovation doesn’t always start in Silicon Valley — sometimes, it begins in the narrow aisles of a neighborhood shop. And in those aisles, a quiet revolution is unfolding — one that’s putting power, progress, and prosperity back into the hands of everyday merchants.