Morocco-based B2B e-commerce FinTech startup Chari has closed a bridge round of funding which could see it reach a $100m valuation, according to a report from Disrupt Africa.
Founded in 2020 by husband-and-wife team Ismael and Sophia Belkhayat, Chari is an e-commerce and FinTech app for traditional retailers in French-Speaking Africa. The app allows them to order any consumer goods they sell and get delivered for free in less than 24 hours. Chari is also a financial services provider for these retailers, offering them microloans.
The company raised a $5m seed round late last year, and now aims to take serious steps into the FinTech space after closing a bridge round led by the Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group.
Ismael Belkhayat, Chari’s CEO, said, “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.”
Abdulaziz al-Turki, managing partner at Khwarizmi Ventures, added that Chari has the ability to improve the lives of millions in Africa through simplified financial solutions.
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