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Join on Telegram Rabat – B2B e-commerce platform Chari is looking to expand into Fintech services for grocery stores in Francophone Africa, including in Morocco. In October 2021 Chari secured a $5 million seed financing, along with the acquisition of Karny.ma, a Moroccan ledger book with over 50,000 active users.
Chari has since announced the closure of a bridge round in order to mtake a meaningful move towards the Fintech industry. The latest bridge round was led by the Saudi-based venture capital fund Khwarizmi Ventures (KV), AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group.,
Chari’s recent acquisition of the credit book app Karny.ma provided her with important data on the loans made to clients by grocery businesses. This enables Chari to assess the creditworthiness of the unbanked shop owners and select the most appropriate payment arrangements for them.
Read also: Chari: Leading Moroccan E-Commerce, Moving to Conquer French-Speaking Africa
Chari will utilize the funds from this bridge round to test BNPL services with its current customers. BNPL, short for Buy Now Pay Later, is a loan service which divides customers’ purchase into numerous equal installments, the first of which is due at the time of purchase. The remaining payments are charged to the debit or credit card until the purchase is completed.
“If the findings are positive, Chari will buy a local credit company to allow store owners to lend money to their end users and grow their business,” said Ismael Belkhayat, CEO of Chari and a Cornell University alumnus.
Read also: Chari, First Moroccan Startup to Join American Y Combinator Accelerator
“Sophia and Ismael are visionary leaders who always inspire those around them to think greater every time they speak with them” said Abdulaziz al-Turki, mManaging pPartner of Khwarizmi Ventures. He added that “we believe that Chari, under their guidance, will assist to improve the lives of millions of Africans by providing simplified financial solutions. We are excited to be a part of their adventure.”
This bridge round allows Khwarizmi Ventures, Air Angels, and AKWA Group to join Chari’s current cap table, which includes, among others, Y Combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital, and P1 Ventures.
