[ACCI-CAVIE] According to African Centre for Competitive Intelligence sources, Chari, the Moroccan e-commerce and B2B retail startup, has acquired Axa Credit, the credit arm of Axa Assurance Maroc, for $22 million. The news comes on the heels of Chari’s recently closed expansion round that valued it at $100 million and pushed it to start offering BNPL services to its customers.
Chari is digitizing the largely fragmented FMCG sector in parts of Francophone Africa, particularly Morocco and Tunisia. It operates a mobile app that connects small retailers in these two countries to multinational FMCG companies and local manufacturers, allowing them to order and obtain products in less than 24 hours.
The acquisition of Axa Credit – the Moroccan credit arm of French group Axa – makes Chari one of the few, if not the only, startups to acquire a local branch of a global bank. The acquisition is still subject to approval by Morocco’s banking, insurance and competition authorities, Chari said in a statement.