[Start-up Stories] Sophia Alj (MiM 15) & Ismael Belkhayat (MiM 08), co-founders of Chari

First, a short presentation...

Sophia and Ismael launched Chari in 2019 with a clear mission: to digitalize neighborhood grocery stores while driving their financial inclusion.

In just a few years, Chari has become a leading FinTech player in North Africa, backed by Y Combinator and Station F, and recently secured a record-breaking $12 million Series A funding round, co-led by SPE Capital and Orange Ventures — the largest of its kind in Morocco.

Through Chari, they are reinventing traditional retail and proving that innovation, social impact, and African ambition can go hand in hand.

👉 What are the biggest challenges entrepreneurs face today?

"Entrepreneurship is a marathon, not a sprint. It requires resilience, endurance, and a strong ability to adapt. The highs and lows are part of the journey — but each challenge is also an opportunity to learn, reinvent yourself, and strengthen your vision. In a constantly changing environment, it’s crucial to move forward with agility, stay the course despite uncertainty, and above all, remain aligned with your values. That’s what allows you to endure over time and build something meaningful and lasting."

👉 How did you build your business model?

"We initially started with a B2B e-commerce activity aimed at neighborhood grocery stores, responding to a clear need for the digitalization of their supply chain. Our initial business model was based on a traditional buy-and-sell structure. Later, we integrated embedded financial services to equip these merchants — many of whom are unbanked — with financing tools adapted to their daily realities.

Today, Chari is a FinTech company holding a license from the Moroccan Central Bank. We generate revenue through commissions on these financial services, allowing us to combine economic viability with social impact by fostering financial inclusion for local merchants."

👉 How did you finance your start-up and what advice would you give on this topic?

"We started by bootstrapping during the first few months, using our own resources. As soon as we gained traction, we raised funds from venture capitalists. We were fortunate to join Y Combinator, one of the world’s most prestigious accelerators based in California, which supports high-potential start-ups. This experience gave us international exposure and helped structure our growth.

Later, we joined the Founders Program at Station F in Paris — a dynamic ecosystem for expanding start-ups. These experiences facilitated our subsequent fundraising rounds with VCs both in Morocco and internationally.

Our advice: surround yourself with the right ecosystems that can connect you with the right investors, at the right time."

👉 Is there a key decision you would make differently? How did you find your first customers and develop your market appeal?

"In the beginning, we spent a lot of time in the field, meeting shopkeepers, understanding their needs, earning their trust, and testing our first offers. This proximity was key to building a product that truly matched their daily realities.

Word of mouth quickly took over, helping us accelerate acquisition. Moreover, Chari attracted market attention thanks to a clear positioning: a start-up that combines the digitalization of traditional retail with financial inclusion. This dual impact — both economic and social — strengthened our credibility and appeal among merchants."

👉 What technological or economic trends do you think could redefine entrepreneurship in the coming years?

"I believe FinTech will continue to grow rapidly in Africa, with tremendous opportunities in areas such as embedded payments, alternative credit, and open banking. Combined with artificial intelligence, this momentum will redefine impact-driven entrepreneurship models, particularly in emerging markets.

These developments will help include populations long excluded from the formal economy and foster new solutions tailored to local realities."