Chari, the Morocco-based B2B e-commerce and fintech company, has secured a $12 million Series A round to deepen its financial services push for small retailers. The company also obtained a payment institution license from Bank Al-Maghrib, giving it the regulatory footing to launch new products at scale. With capital and authorization in place, Chari will roll out a merchant super app and a white-labeled Banking-as-a-Service platform.
Funding and Syndicate
The round was co-led by SPE Capital and Orange Ventures, reflecting confidence from both private equity and a strategic telecom investor. Participation came from Verod-Kepple Africa Ventures, Global Founders Capital, Plug and Play, Endeavor Catalyst, Pincus Capital, and Al Khwarizmi Ventures. Additional backers included UM6P Ventures, Axian Group, Uncovered Fund, AfriMobility, P1 Ventures, Reflect Ventures, Dragon Capital, MyAsia VC, Harambean Prosperity Fund, and H&S Invest Holding.
Regulatory License and Scope
Chari’s license authorizes acquiring through POS and online gateways, issuance of payment accounts with Moroccan IBANs, and debit cards. It also enables domestic transfers, international remittances, bill payments, e-government services, and micro-insurance distribution. This framework reduces compliance friction and widens potential revenue streams across payments, accounts, and value-added services.
Merchant Super App Strategy
The planned super app will unify inventory ordering, digital acceptance, and financial management for neighborhood retailers. Merchants will be able to view balances, pay suppliers, transfer funds, and settle bills on behalf of customers from a single interface. Chari aims to convert corner shops into everyday financial access points while tightening cash cycles and record-keeping.
BaaS Platform Build-Out
In parallel, Chari will open its in-house stack as APIs that partners can white-label for their own users. The platform comprises a core banking system, KYC and compliance modules, payment accounts and mobile wallets, card issuing, and online and in-person acquiring. Built-in accounting and regulatory reporting to the central bank are intended to speed partner launch and simplify operations.
Market Context and Traction
Morocco’s retail sector remains fragmented, with many independent grocers still using analog processes and informal credit. Chari began by digitizing FMCG procurement and delivery for these shops, then layered software for bookkeeping and receivables. Embedding licensed finance on top of commerce targets formalization, improved liquidity, and incremental income for merchants.
Investor Statements
“We are happy to continue to back bold, high-impact founders, and Chari’s vision combining merchant services with embedded finance is the kind of category-defining opportunity that creates value,” said Nabil Triki, Managing Partner and CEO, SPE Capital. “Chari’s focus on empowering local merchants via a tech-first, scalable platform resonates with our thesis, and this round strengthens the bridge between finance and commerce in Morocco,” added Ryosuke Yamawaki, Partner, Verod-Kepple Africa Ventures. Both investors framed the raise as support for an infrastructure play that can anchor merchant banking and payments.
Founders’ Perspective
“This USD 12 million Series A is a vote of confidence in our mission to empower Morocco’s small merchants, and we are accelerating toward a go-to super app that brings operations, payments, and financial services into one platform,” said Ismael Belkhayat, Co-Founder and CEO. “We are building a BaaS platform to power the next generation of digital finance, strengthening our infrastructure for partners that want to embed fintech into their products,” said Sophia Alj, Co-Founder and COO. The leadership emphasized simultaneous execution on the merchant app and the API rails.
Implementation Priorities
Chari will focus on integrating licensed products into its retail app while onboarding partners to the BaaS stack. Priorities include risk controls, reliable uptime, and prudent unit economics for merchant acquisition and retention. Success will hinge on fast, compliant deployments that demonstrate measurable value to shop owners and enterprise clients.
With fresh capital, a central bank license, and a dual strategy, Chari is positioning itself as both an operating system for merchants and a fintech infrastructure provider. The opportunity is significant, but it demands disciplined compliance, robust technology, and consistent partner execution. If delivered, the model could become a reference point for digitizing informal retail and broadening financial access in North Africa.