Chari, a Moroccan B2B eCommerce startup, has acquired AXA Credit score for $22 million

Chari, a Moroccan B2B e-commerce and retail startup, has paid $22 million for Axa Credit score, the credit score arm of Axa Assurance Maroc.

Morocco’s banking, insurance coverage, and antitrust regulators should approve the deal earlier than it could possibly undergo.

Ismael Belkhayat and Sophia Alj co-founded Chari, a platform that connects mother and pop shops to FMCGs and different producers and permits them to order merchandise which might be delivered in 24 hours.

Whereas now working in Morocco and Tunisia, the enterprise plans to develop to different Francophone African international locations throughout the subsequent a number of years.

For that reason, Axa Assurance Maroc is promoting its mortgage enterprise, Axa Credit score, as a way to focus solely on offering insurance coverage protection.

In an effort to full the acquisition, Belkhayat indicated that the corporate will use its seed cash, enterprise debt funds, and its damaging working capital.

In Belkhayat’s view, Chari’s acquisition of Axa Credit score will give it the credit score license it must develop its mortgage choices to extra purchasers. In an effort to transition from closed-loop loans to open-loop loans, he acknowledged.

As the overall supervisor of Axa Morocco, Meryem Chami remarked: “We’re delighted to announce a cross-selling collaboration between Axa Insurance coverage Morocco and Chari.” Via this settlement, Axa Insurance coverage will probably be in a greater place to assist the Moroccan financial system grow to be extra inclusive whereas additionally increasing its market share.

As a result of its values align with these of the France-based financial institution’s lending arm to assist foster monetary inclusion within the nation, Chari beat out many different bidders for the acquisition of Axa Credit score.


Learn extra on Tech Gist Africa:

Kouncel, an Egyptian authorized ed-tech enterprise, has obtained $1.2 million in pre-seed funding

Milezmore, an Egyptian logistics startup, has secured a $5 million pre-seed spherical of funding

Susu, a healthtech agency primarily based in Ivory Coast, has raised $1 million as a way to develop insurance coverage protection in Africa

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