Morocco-based B2B eCommerce and FinTech startup Chari could see a valuation of $100 million after a new bridge round of funding, TechCrunch reported Thursday (Jan. 20).
Chari functions as a mobile app, allowing traditional proximity store owners in Morocco to order products and have them delivered.
The company is trying to get more into the FinTech space after closing a bridge round which was 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.
“Chari will use the money from this bridge round to test the BNPL services with its existing customers,” said Ismael Belkhayat, Chari’s CEO. “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.”
Chari works with over half of the proximity stores in Casablanca, and has expanded into Tunisia. Last August, the company also acquired Karny, a mobile credit book application.
The Karny acquisition gave Chari more data on the loans given by grocery stores to customers, letting it credit assess unbanked shop owners and determine the best payment terms.
Chari was also a participant in the startup investor and incubator Y Combinator S21 batch and raised $5 million in late 2021. PYMNTS writes that Karny’s services help convenience stores use smartphones to manage credit arrangements with customers.
See also: Morocco’s eCommerce Startup Chari.ma Acquires Mobile Credit Book App
The company has around 15,000 convenience store customers. According to Y Combinator’s website, Chari “is an eCommerce and FinTech app for traditional retailers in North Africa allowing them to order any consumer goods they sell and get delivered for free in less than 24 hours.”
Chari also works as a financial services provider for retailers, offering micro-credit facilities.
PYMNTS also reported on Chari’s fundraising last year, writing that it could help the company expand into French-speaking Africa.
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