Press Release
Chari, a Moroccan B2B eCommerce and Fintech raises $5M at $70M valuation in most significant seed round
Chari Co-Founders; Sophia Alj and Ismael Belkhayat (Image: Supplied)
After completing the summer‘21 batch of Y Combinator, Chari announces the closing of a 5M USD seed round co-led by Rocket Internet, Global Founders Capital, and P1 ventures. Some of the other investors who participated in this round are Plug and Play, Y combinator, Village Capital / MetLife Foundation, Orange Ventures , Air Angels – AirBnB investors, SPE Capital, Pincus Private Equity, Reflect Ventures, The Chandaria family, Michael Lahyani, CEO and founder of Propertyfinder and the management company of an American Ivy League University.
This is the first time many of these investors, including GFC, PnP, Orange, Village Capital… have invested in a startup in Morocco.
‘We have carefully selected the VCs of this seed round based on their ability to help us build a great business. We are now focusing on achieving our short-term targets to raise a significant Serie A in six to nine months’ said Ismael Belkhayat, Cofounder and CEO of Chari, and a Cornell University and BCG Alumni.
The post YC funding took four weeks to close, and the round values Chari at $70 million. The investor’s excitement to Chari comes as the startup addresses the procurement issues of the 300k grocery stores of Morocco and Tunisia.
‘We are happy to lead the way of the nascent Moroccan startup ecosystem. We hope that this seed round will be one the first of a long series of noticeable seed funding in Moroccan Startups’ said Sophia Alj, Cofounder and COO of Chari, and a McGill University and McKinsey Alumni.
Chari partners with FMCG Multinationals and local manufacturers to distribute their goods to local mom and pop shops in less than 24h. It also provides payment facilities and financial services through the recent acquisition of Karny.ma.
The money raised will be used to expand Chari and Karny to French-Speaking Africa. In addition, Chari plans to embed financial services such as digital payment, money transfer and BNPL in its product roadmap.
Lendsqr, a global provider of loan management software for banks, microfinance institutions (MFIs), and digital lenders, has launched a groundbreaking onlending initiative aimed at bolstering the capacity of Nigerian lenders to extend credit to their customers.
With this new initiative, Lendsqr is setting up a capital pool of up to N1 billion line of credit for lenders targeted at Lenders with State Moneylender or Cooperative licenses, giving them the much-needed access to capital that can drive sustainable growth and expansion.
“For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” said Adedeji Olowe, CEO of Lendsqr. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”
The onlending model is designed to support digital lenders who often face challenges accessing loan capital, allowing them to access credit at a reasonable rate. Through this initiative, Lendsqr aims to bridge the gap between technology and capital, ensuring lenders can meet the demand for loans while remaining competitive.
A new era of B2B2C lending
Lendsqr’s onlending initiative represents a strategic step forward in Nigeria’s lending ecosystem. With the ability to offer overdraft loans, the company enables smaller financial institutions to lend confidently, knowing they have a reliable source of capital backing them up. This move is expected to deepen financial inclusion, create a ripple effect on local economies, and ultimately support the development of a healthier financial services landscape in Nigeria.
Lendsqr now joins established onlending capital in Africa such as Lendable, the Nigerian Bank of Industry, and the African Finance Corporation, in providing capital to lenders to drive financial inclusion and much needed growth within the SME economic subsector.
Expanding access and opportunities
By providing loan capital directly to digital lenders, Lendsqr aims to empower lenders to reach more customers, serve new markets, and achieve more stable growth. The initiative not only addresses immediate funding gaps but also sets a foundation for long-term partnerships across the financial industry.
“We’re excited to be the catalyst for growth in Nigeria’s lending sector. Our onlending initiative isn’t just about providing capital. It’s about enabling a stronger and more inclusive financial ecosystem where every licensed lender, big or small, can thrive,” added Joy B. Bello, Head of Sales at Lendsqr.
Lendsqr’s onlending initiative is currently available exclusively to Nigerian lenders. Interested parties can learn more and apply at Lendsqr Capital Portal.
Qore has announced the successful approval to implement its indigenous core banking solution, BankOne, in Tanzania. This landmark achievement marks Qore’s debut implementation of BankOne in Tanzania, underscoring the company’s dedication to deploying disruptive fintech infrastructure that enhance financial inclusion, automate banking processes, and facilitate seamless payments.
The Tanzania Cooperative Development Commission (TCDC), which oversees over 2,500 Saccos, including several regional and national cooperatives, plays a pivotal role in ensuring the smooth operation and regulation of these entities. By collaborating closely with TCDC, Qore aims to empower Saccos to secure and grow their members’ funds with ease, while providing real-time, cloud-native banking experiences through BankOne. This collaboration is set to revolutionize the cooperative sector in Tanzania, driving financial inclusion and innovation at an unprecedented scale.
Qore’s solution is designed to support the unique needs of Saccos, offering features such as real-time transaction processing, comprehensive financial reporting, and robust security measures. By leveraging BankOne, Saccos will be able to streamline their operations, reduce costs, and enhance the overall member experience.
This implementation is a significant milestone for Qore as it continues its rapid international expansion. “The deployment of BankOne in Tanzania is a testament to our commitment to bringing innovative banking solutions to new markets,” said Timothy Ngao, Country Manager for Tanzania at Qore Technologies. “We are excited to support the financial growth and stability of cooperative societies in Tanzania, and we look forward to many more successful implementations in the region.”
The company is proud to be at the forefront of this transformation, supporting the development of sustainable and economically viable cooperative societies across Tanzania.
Press Release
Scale secures $700,000 in pre-seed funding to simplify card issuing and payments in Africa
