Fintech start-up Chari acquires Axa Credit in Morocco for $22m

Chari, a business-to-business (B2B) e-commerce and fintech platform for retailers in French-speaking Africa, has acquired Axa Credit, the Moroccan credit operations of France’s multinational insurance company Axa Group.

Moroccan start-up Chari acquires Axa Credit

The deal, which is currently subject to regulatory approval, is worth $22 million.

Chari says the purchase will enable it to launch buy now, pay later (BNPL) services.

Founded in 2020 in Casablanca, Chari already has experience in mergers and acquisitions (M&A). Last year, it bought Karny, a digital provider of credit and book-keeping services to around 50,000 merchants in Morocco.

Shortly after, it closed a $5 million seed round, at a valuation of $70 million. Investors included Y Combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital, and P1 Ventures.

This was followed by a bridge round in January 2022, which increased the start-up’s valuation to $100 million and welcomed new investors Khwarizmi Ventures, Air Angels, and Afri Mobility (AKWA Group’s venture capital arm).

Chari was co-founded by the husband-and-wife team of Ismael Belkhayat (CEO) and Sophia Alj (COO).