Chari, a Morocco-based B2B e-commerce and retail platform, has raised a bridge funding round that values the company at $100 million. The funding attracted new backers such as Khwarizmi Ventures, Air Angels, and Afri Mobility, the venture arm of AKWA Group, alongside existing investors from its $5 million seed round last year.Chari’s platform enables small retailers in Morocco and Tunisia to procure goods from FMCG multinationals and local manufacturers via a mobile app, with deliveries within 24 hours. The startup also acquired Karny.ma, a digital ledger service assisting 50,000 merchants with credit and bookkeeping, as part of its strategy to integrate financial services like buy-now-pay-later (BNPL) into its offerings.
By leveraging Karny’s data, Chari can analyze loan activity among grocery store owners, assess creditworthiness, and provide tailored payment options. This functionality aligns with Chari’s vision to offer BNPL services, enabling shop owners to manage cash flow and extend credit to their customers.
The pilot program currently allows selected shop owners to maintain a negative balance between $100 and $500 for up to 30 days, based on criteria like order frequency and sales data. If successful, Chari plans to scale this service to Tunisia and other French-speaking African nations.
BNPL services are gaining traction across Africa, driven by e-commerce growth and shifting consumer habits. However, unlike many competitors who rely on debt financing, Chari has opted for equity funding to retain flexibility and avoid high-interest rates.Founder Ismael Belkhayat emphasized that this funding approach supports their initial testing phase while preparing for larger debt financing to fuel working capital needs in the future.
With this expansion, Chari aims to solidify its position as a key player in digitizing Africa’s retail and financial ecosystems, providing essential tools to unbanked small businesses across the continent.
