Sophia Alj and Ismael Belkhayat, founders of start-up Chari. Photo: Chari
Sophia Alj and Ismael Belkhayat, founders of start-up Chari. Photo: Chari
Sophia Alj and Ismael Belkhayat, founders of start-up Chari. Photo: Chari
Sophia Alj and Ismael Belkhayat, founders of start-up Chari. Photo: Chari

Moroccan start-up Chari completes funding round led by Saudi Arabia's Khwarizmi Ventures


Alkesh Sharma
  • English
  • Arabic

Moroccan FinTech start-up Chari completed a bridge round of funding that values the company at $100 million.

The Casablanca-based company will use the fresh funds to enter new markets and expand its product portfolio. When a start-up needs additional capital between two rounds of funding, it goes through a bridge-financing round to keep the company afloat until the next, bigger financing round.

The undisclosed bridge round was led by the Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors) and Afri Mobility, the venture capital arm of Moroccan conglomerate company Akwa Group.

“Chari will use the money of this bridge round to test the BNPL [buy now pay later] services with its existing customers,” Ismael Belkhayat, chief executive and cofounder of Chari, said.

“Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end users and further grow their business,” Mr Belkhayat said.

Employees of start-up Chari that aims to enter new markets in the coming months. Photo: Chari
Employees of start-up Chari that aims to enter new markets in the coming months. Photo: Chari

Founded in January 2020, Chari is a business-to-business e-commerce and FinTech company that digitises the largely fragmented, fast-moving consumer goods sector in French-speaking African countries.

Traditional convenience stores in Morocco and Tunisia can order products and receive them in less than 24 hours by using Chari’s app, the company said.

FinTech is one of the most active sectors in finance, with start-ups attracting a significant amount of investments from both local and regional organisations. The continued growth of digital payments services presents a huge opportunity for more services in the market.

In the Middle East, one out of every four investment deals in 2021 was in FinTech, which accounted for about a third of all the funding raised — $2.1 billion in 220 deals — a report by consultancy firm RedSeer showed.

Chari, which recently graduated from the Y Combinator — an American technology start-up accelerator — raised $5m in October. It also acquired Karny.ma, a Moroccan ledger book that had more than 50,000 thousand active users.

This acquisition gave Chari valuable data on the loans given by grocery stores to their customers. It allows the start-up to credit-assess the unbanked shop owners and determine the most fitting payment terms given to each, the company said.

The company's existing investors include Y Combinator, Rocket Internet, Global Founders Capital, Plug and Play, Orange Ventures, Harvard University Management Company, Village Capital and P1 Ventures.

The founders are “visionary leaders that always make everyone around them think bigger every time they speak with them”, said Abdulaziz Al Turki, managing partner at Khwarizmi Ventures.

“We believe that under their leadership, Chari will help in improving the lives of millions in Africa through simplified financial solutions. We are proud of their mission and delighted to join their adventure,” Mr Al Turki added.

Chari, which is currently negotiating potential acquisitions with various companies to strengthen its offerings and customer base, intends to expand its operations in more francophone countries — nations that designate French as an official language or whose people primarily speak French.

“We will announce a geographic expansion in the coming days … and after that we are looking to raise a $30m Series A in the next months at a valuation between $150m and $200m,” Mr Belkhayat said.

“Chari is already cash flow positive as we have a negative working capital requirement,” he added.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

IF YOU GO

The flights

FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.

The tours

English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people. 

The hotels

Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.

St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.

 

The specs: 2018 Kia Picanto

Price: From Dh39,500

Engine: 1.2L inline four-cylinder

Transmission: Four-speed auto

Power: 86hp @ 6,000rpm

Torque: 122Nm @ 4,000rpm

Fuel economy, combined: 6.0L / 100km

Australia men's Test cricket fixtures 2021/22

One-off Test v Afghanistan:
Nov 27-Dec 1: Blundstone Arena, Hobart

The Ashes v England:
Dec 8-12: 1st Test, Gabba, Brisbane
Dec 16-20: 2nd Test, Adelaide Oval, Adelaide (day/night)
Dec 26-30: 3rd Test, Melbourne Cricket Ground, Melbourne
Jan 5-9, 2022: 4th Test, Sydney Cricket Ground, Sydney
Jan 14-18: 5th Test, Optus Stadium, Perth

Race card for Super Saturday

4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.

6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)

5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami

6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami

6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel

7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel

7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Rocketman

Director: Dexter Fletcher

Starring: Taron Egerton, Richard Madden, Jamie Bell

Rating: 3 out of 5 stars 

CRICKET%20WORLD%20CUP%20LEAGUE%202
%3Cp%3EMannofield%2C%20Aberdeen%3Cbr%3E%3Cbr%3EAll%20matches%20start%20at%202pm%20UAE%20time%20and%20will%20be%20broadcast%20on%20icc.tv%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3EWednesday%2C%20Aug%2010%20%E2%80%93%20Scotland%20v%20UAE%3Cbr%3EThursday%2C%20Aug%2011%20-%20UAE%20v%20United%20States%3Cbr%3ESaturday%2C%20Aug%2014%20%E2%80%93%20Scotland%20v%20UAE%3Cbr%3EMonday%2C%20Aug%2015%20%E2%80%93%20UAE%20v%20United%20States%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3EAhmed%20Raza%20(captain)%2C%20Chirag%20Suri%2C%20Muhammad%20Waseem%2C%20Vriitya%20Aravind%2C%20CP%20Rizwan%2C%20Basil%20Hameed%2C%20Rohan%20Mustafa%2C%20Zawar%20Farid%2C%20Kashif%20Daud%2C%20Karthik%20Meiyappan%2C%20Zahoor%20Khan%2C%20Junaid%20Siddique%2C%20Sabir%20Ali%2C%20Alishan%20Sharafu%3Cbr%3E%3Cbr%3E%3Cstrong%3ETable%3C%2Fstrong%3E%20(top%20three%20teams%20advance%20directly%20to%20the%202023%20World%20Cup%20Qualifier)%3Cbr%3E%3Cbr%3E1.%20Oman%2036%2021%2013%201%201%2044%3Cbr%3E2.%20Scotland%2024%2016%206%200%202%2034%3Cbr%3E3.%20UAE%2022%2012%208%201%201%2026%3Cbr%3E--%3Cbr%3E4.%20Namibia%2018%209%209%200%200%2018%3Cbr%3E5.%20United%20States%2024%2011%2012%201%200%2023%3Cbr%3E6.%20Nepal%2020%208%2011%201%200%2017%3Cbr%3E7.%20Papua%20New%20Guinea%2020%201%2019%200%200%202%3C%2Fp%3E%0A
Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Sri Lanka squad for tri-nation series

Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga

The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
%3Cp%3EAndroid%20Alpha%3C%2Fp%3E%0A%3Cp%3EAndroid%20Beta%3C%2Fp%3E%0A%3Cp%3EAndroid%20Cupcake%3C%2Fp%3E%0A%3Cp%3EAndroid%20Donut%3C%2Fp%3E%0A%3Cp%3EAndroid%20Eclair%3C%2Fp%3E%0A%3Cp%3EAndroid%20Froyo%3C%2Fp%3E%0A%3Cp%3EAndroid%20Gingerbread%3C%2Fp%3E%0A%3Cp%3EAndroid%20Honeycomb%3C%2Fp%3E%0A%3Cp%3EAndroid%20Ice%20Cream%20Sandwich%3C%2Fp%3E%0A%3Cp%3EAndroid%20Jelly%20Bean%3C%2Fp%3E%0A%3Cp%3EAndroid%20KitKat%3C%2Fp%3E%0A%3Cp%3EAndroid%20Lollipop%3C%2Fp%3E%0A%3Cp%3EAndroid%20Marshmallow%3C%2Fp%3E%0A%3Cp%3EAndroid%20Nougat%3C%2Fp%3E%0A%3Cp%3EAndroid%20Oreo%3C%2Fp%3E%0A%3Cp%3EAndroid%20Pie%3C%2Fp%3E%0A%3Cp%3EAndroid%2010%20(Quince%20Tart*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2011%20(Red%20Velvet%20Cake*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2012%20(Snow%20Cone*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2013%20(Tiramisu*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2014%20(Upside%20Down%20Cake*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2015%20(Vanilla%20Ice%20Cream*)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3E*%20internal%20codenames%3C%2Fem%3E%3C%2Fp%3E%0A
The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

While you're here

Fringe@Four Line-up

October 1 - Phil Nichol (stand-up comedy)

October 29 - Mandy Knight (stand-up comedy)

November 5 - Sinatra Raw (Fringe theatre)

November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)

November 13 - Gordon Southern (stand-up comedy)

November 22 - In Loyal Company (Fringe theatre)

November 29 - Peter Searles (comedy / theatre)

December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)

 

 

Premier League results

Saturday

Crystal Palace 1 Brighton & Hove Albion 2

Cardiff City 2 West Ham United 0

Huddersfield Town 0 Bournemouth 2

Leicester City 3 Fulham 1

Newcastle United 3 Everton 2

Southampton 2 Tottenham Hotspur 1

Manchester City 3 Watford 1

Sunday

Liverpool 4 Burnley 2

Chelsea 1 Wolverhampton Wanderers 1

Arsenal 2 Manchester United 0

 

Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

Updated: January 21, 2022, 5:30 AM`