E-commerce giant MaxAB-Wasoko acquires Egypt’s Fatura

MaxAB-Wasoko, the retail e-commerce giant formed from last year’s merger of Egypt’s MaxAB and Kenya’s Wasoko, has announced the acquisition of Egyptian e-marketplace Fatura.

Fatura is a B2B (business-to-business) platform and was bought from EFG Finance, a subsidiary of EFG Holding.

It is MaxAB-Wasoko’s first major deal post-merger and sees EFG Finance join the giant as a shareholder, acquiring an undisclosed equity stake and securing a seat on the company’s board as it seeks to consolidate Africa’s B2B commerce and fintech landscape.

Last year’s merger saw MaxAB and Wasoko expand their footprint into Kenya, Rwanda, Tanzania, Egypt, and Morocco.

“The acquisition of Fatura is more than a growth play; it’s the realization of our ambition to become the go-to, one-stop-shop for retailers throughout Africa,” said Belal El-Megharbel, CEO of MaxAB-Wasoko.

Fatura has onboarded over 626 wholesalers in 16 cities, including five new cities for MaxAB-Wasoko, the company said.

The integration is expected to drive significant top-line growth over the next 12 to 18 months.

The company projects the Fatura marketplace will contribute approximately 25 per cent of MaxAB’s Egypt revenue by year-end, with further growth anticipated as the model is rolled out across the company’s other African markets.