$17M+ raised: Why Every African Startup Becomes a Fintech

Most African startups end up doing one thing: financial services. Ismael Belkhayat built Chari by starting in 2020 delivering groceries to small corner shops in Morocco. Today it runs a banking-as-a-service platform, agency banking for independent retailers, and a retail operating system, and it became the first VC-backed startup to receive a payment institution license from Morocco's central bank. We get into why he believes nearly every African startup eventually becomes a fintech, how he killed his original e-commerce business so gradually that customers never noticed, why the grocery delivery model was a "necessary evil" that unlocked the license, and the one founder trait he bets on above all else when he invests his own money. This is essential listening for any founder navigating a pivot, any investor trying to understand the Moroccan and North African ecosystem, and anyone curious how a delivery app turned into financial infrastructure. Follow Ismael: https://bit.ly/4ahp1AT Listen on Spotify: https://bit.ly/4n3Bsp6 Listen on Apple podcasts: https://bit.ly/3OrD8Mk Term Sheet Tapes: https://bit.ly/4cLi9fq Chapters: 00:00 Intro 00:54 What is Chari 02:34 African startups becoming banks 06:40 From Grocery Delivery to Fintech 10:15 Would he start with Fintech If he did It again? 12:40 Every SaaS business becomes a Fintech 14:55 Personal angel investments 15:30 Advice to founders 16:30 Most important trait in founders 19:30 Main constraint of Chari now 21:50 Importance of people 24:53 How fundraising changed over time 29:52 Morocco’s tech ecosystem 32:10 The role of his brother in his life 33:18 Outro