Y Combinator continues investing in African startups to bolster its digital economy. Chari got a hundred million dollars bridge round deal to stabilise its e-commerce market capital after accounting for excessive expenditure last year
Chari also expands its B2B retail platform to the futuristic development towards the fintech ecosystem. Chari sells most of its B2B e-commerce services to Morocco retail market.
The Moroccan startup company added Tunisia to its market space after closing the previous seed deal. Chari’s current business has reportedly brawled with transforming the fast-moving consumer goods market selling multitasked B2B e-commerce solutions.
The $100m bridge round had expensive investors such as Y Combinator, Harvard University Management Company, Global Founders Capital, Orange Ventures, Village Capital, Rocket Internet, P1 Ventures, Plug n Play, AWKA Group, Air Angels Khwarizmi Ventures, and Afri Mobility.
Chari bridge round is a transitional financing round intended to keep the B2B retail business afloat developing futuristic features until the next, larger financing round. The e-commerce startup currently distributes its services to 50,000 merchants patronising its B2B retail platform.
“Buy now, pay later” is next on Chari’s to-do list. The budget for this project is sorted out with the previous $70m Seed Chari bagged towards the end of 2021. Chari also bought another startup company serving bookkeeping and credit solutions as its subsidiary — all expenses are paid for with more than 70 million dollars in stock.
Chari currently has Y Combinator’s support, utilizing its investor’s resources that influenced its acquisition deal with Karny — another fintech startup based in Morocco. Chari already integrated its e-commerce services with Karny to develop simplified BNPL solutions for the unbanked population in Morocco and Tunisia.
Chari’s BNPL is a credit facility that appears as a service via the rebranded B2B e-commerce platform. Karny determines users’ credit scores from its users’ data. On the other end, Karny’s data allows Chari to duly manage the BNPL financing system whereby items and their amount will be accounted for via Karny’s finance technology.
Chari’s means of distributing loans is via the BNPL feature on its e-commerce network. The B2B startup will test the responsiveness of its payment system with its existing customers.
Likewise the availability of an electronic wallet linked to a real-time closed-loop digital card to process sovereign payment without integrating third-party payment gateway or portals.
BNPL is another payment option on Chari’s e-commerce network. Merchants on the B2B network need not worry about bad debts whereby Karny and Chari’s management solutions got it covered.