In an exciting development for the fintech landscape in Africa, Chari, a Moroccan startup, has secured an important investment from Egypt’s DisrupTech Ventures. This deal signals a significant endorsement of Chari’s innovative approach to financial inclusion, further enhancing its capabilities after a recent million Series A funding round, which was finalized less than a month ago.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari has rapidly established itself as a game-changer for small retailers across Morocco. The startup empowers these businesses by enabling them to order fast-moving consumer goods while simultaneously accessing embedded financial services. This model not only streamlines their operations but also provides them with essential tools to thrive in a competitive marketplace.
Belkhayat, who serves as CEO, expressed enthusiasm about the partnership with DisrupTech, illustrating a shared vision for the future. “With DisrupTech’s backing, we are accelerating our mission to turn every corner shop into a financial access point,” he stated. His ambitious goal is to create a robust network of small vendors who can serve as vital financial gateways within their communities.
DisrupTech Ventures, known for its keen focus on technological innovation, has praised Chari’s impact in Morocco and its potential to spark similar transformations throughout the African continent. Mohamed Okasha, Managing Partner at DisrupTech, emphasized the importance of Chari’s model, saying, “Chari is redefining how financial services are delivered at the grassroots level. By empowering small shops to act as financial gateways, Chari is creating the foundation for a new, inclusive fintech infrastructure in Morocco. This is exactly the kind of transformative model we seek to support across Africa.”
With a growing network of over 20,000 onboarded retailers, Chari is well-positioned to make a significant impact. The company holds a payment institution license from Bank Al-Maghrib, which enables it to provide services such as issuing IBANs and debit cards, processing domestic and international transfers, and even offering micro-insurance solutions. This broad array of services demonstrates Chari’s commitment to driving economic growth and financial inclusion across the region.
As more tech startups like Chari emerge in Africa, the potential for reshaping the financial landscape in the continent appears limitless. This investment not only reflects confidence in Chari’s vision but also highlights the collaborative spirit thriving within the African tech ecosystem.
Stay tuned for more updates on how fintech is transforming lives across Africa!
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