Morocco’s Chari valued at $100M in bridge round as it looks to pilot BNPL services – TechCrunch

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Moroccan B2Be Commerce and Retail Startups Bicycle We confirmed to TechCrunch that we secured a bridge round with a $ 100 million valuation.

The Bridge Round welcomed new investors in the AKWA Group’s venture capital divisions, Khwarizmi Ventures, Air Angels and Afri Mobility.

They invested in Chari’s $ 5 million seed round last October (Y Combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital, P1 Ventures. ). For $ 70 million..

Like many startups playing in the B2Be commerce space across the continent, Chari mainly Fragmented FMCG sector in Morocco and Tunisia.

Chari acts as a mobile app, enabling small retailers in these two countries to order products from affiliated FMCG multinationals and local manufacturers and get them within 24 hours.

A company supported by YC last October Obtained Moroccan Ledger Karny.ma.. The Khatabook-like platform provides credit and bookkeeping services to approximately 50,000 merchants. This allows these merchants to process the credits they offer to their clients.

The Kearney Acquisitions and bridge rounds fit into Chari’s strategy of providing payment capabilities. This will allow the company to provide retailers with financial services, especially those that buy now and pay later.

“Chari will use the funds in this bridge round to test the BNPL service with existing customers. If the result is successful, Chari will use it. Get Local credit companies allow store owners to lend money to end users and grow their business even further, “said the CEO. Ismael Belkhayat In the statement.

Karny provides Chari with valuable data about the loans that grocery stores have provided to their customers. Allows Chari to credit-valu the owners of stores without banks and determine the most appropriate payment terms to give to each..

Therefore, in essence, Karny data allows Chari to know what items the shop owner has sold to end clients and how much they have rented... Through its internal closed-loop digital wallet, Chari offers some shop owners payment terms and BNPL options based on registration date, order frequency, average basket order, and amount lent to end users.

Belkhayat founded the company in Sophia Arji, Chari said he chose a few shopkeepers to test run this.. Based on four criteria, merchants can: The digital wallet is out of balance. The limit is between -$ 100 and -$ 500, free of charge within 30 days.

Once operational in Morocco, Chari plans to extend this BNPL service to Tunisia and other French-speaking countries in Africa.

BNPL services are beginning to grow strongly in Africa due to the rapid penetration of e-commerce and the impact of pandemics.

Nigeria’s Carbon Zero, South Africa’s Payflex (Recently acquired by BNPL Zip in Australia) And Lipa Later in Kenya (Recently raised $ 12 million Equity and debt).Others serve businesses such as: TradeDepot, A Nigerian company similar to Chari, but there are also companies that make infrastructure plays like Nigeria ThankU Cash..

Companies typically raise debt loans for the BNPL initiative. As mentioned above, most players do. However, Chari chose not to do so.according to Belkhayat, The reason is that the debt venture fund that Chari was discussing wanted to charge the company as high as 15%.

“Because this is just a pilot, I prefer to raise money with a high reputation from funds that may be useful for the strategy. I’m a little dilute, but instead a lot from experienced founders. He said, explaining Chari’s high reputation at the seed level and why it only increased fairness. “If the pilot succeeds, the working capital requirements will require more money and will raise debt instead of diluting capital.”

Morocco’s Chari valued at $100M in bridge round as it looks to pilot BNPL services – TechCrunch Source link Morocco’s Chari valued at $100M in bridge round as it looks to pilot BNPL services – TechCrunch

The post Morocco’s Chari valued at $100M in bridge round as it looks to pilot BNPL services – TechCrunch appeared first on California News Times.

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