Chari, a Moroccan B2B e-commerce and financial business, has raised a bridge round of funding worth US$100 million.
After closing a bridge round led by Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group, the company raised a US$5 million seed round late last year and now aims to take serious steps into the fintech space.
Chari, founded in 2020 by Ismael and Sophia Belkhayat, allows traditional Moroccan local business operators to order things and have them delivered. It now works with more than half of Casablanca’s proximity stores, has expanded into Tunisia, and announced the acquisition of mobile credit book service Karny in August.
“Chari will use the funds raised from this bridge round to put BNPL’s services to the test with its current customers. Chari will buy a local credit company if the results are positive, allowing shop owners to lend money to their customers and expand their business,” stated Chari CEO Ismael Belkhayat.
Chari recently acquired the credit book app Karny, which provided it with important information on the loans granted by grocery businesses to their clients, allowing it to credit-assess unbanked shop owners and identify the best payment conditions for each.