MaxAB-Wasoko, Africa’s leading retail e-commerce and supply chain super app, has today announced the acquisition of Fatura, an Egypt-based B2B e-marketplace, from EFG Finance, a subsidiary of EFG Holding. The deal, which includes EFG Finance taking a significant minority equity stake and a seat on MaxAB-Wasoko’s board, marks a crucial step in the company’s mission to consolidate the continent’s B2B commerce and fintech landscape.

This acquisition follows the 2024 merger of Egypt-based MaxAB and Kenya-based Wasoko, in what the companies then described as a “merger of equals”, positioning the combined entity as a dominant player in Africa’s $600 billion informal retail sector.

The acquisition of Fatura, founded in 2019 and acquired by EFG Holding’s Tanmeyah in 2022, integrates a scalable, asset-light marketplace model into MaxAB-Wasoko’s robust supply chain, which spans procurement to last-mile delivery.

Fatura’s network, covering over 626 wholesalers across 16 Egyptian cities, including five new cities for MaxAB-Wasoko, enhances the platform’s reach, offering retailers greater product assortment and flexibility in a fragmented supply chain. The deal is projected to contribute at least 25% of MaxAB’s Egypt revenue by the end of 2025, with plans to replicate the model across Kenya, Rwanda, Tanzania, and Morocco.

Commenting on the deal, Belal El-Megharbel, co-CEO of MaxAB-Wasoko, said, “This acquisition is more than a growth play; it’s the realisation of our ambition to become the go-to, one-stop shop for retailers throughout Africa. By bringing together operational strength, product depth, and innovative fintech offerings, we are setting a new standard for retail across the region.”

The company’s vision aligns with its post-merger strategy to evolve from a B2B e-commerce platform into a multi-vertical ecosystem, prioritising high-margin fintech services and supply chain efficiency.

EFG Finance’s involvement deepens the strategic partnership, with CEO Aladdin ElAfifi emphasising, “We are thrilled to partner with MaxAB-Wasoko as they reshape the retail and supply chain sectors. Integrating Fatura will drive meaningful business growth, and our role as a significant shareholder and board member reinforces our commitment to fostering innovation in the fintech space.”

EFG Finance’s board seat positions it to influence MaxAB-Wasoko’s expansion, particularly in embedded finance solutions tailored for Africa’s 450,000-strong merchant network.

Since the MaxAB-Wasoko merger in August 2024, the company has achieved significant milestones. Its fintech arm, MaxAB Payments, has doubled in Egypt, expanded into Morocco, and now finances over 9% of e-commerce sales, with a credit financing vertical disbursing over $20 million to retailers at a 99% repayment rate.

In Egypt, digital services generate over $180 million annually, serving 7 million consumers through 40,000 retailers. The company’s operational enhancements, including stronger supplier deals, have bolstered its supply chain across five African nations, serving 65 million consumers.

Fatura’s integration is expected to drive topline growth and operational efficiency over the next 12–18 months. By unifying Fatura under the MaxAB-Wasoko brand, retailers gain immediate access to a broader product range, addressing the limitations of traditional distributors.

The platform’s embedded financial services, including e-payments and credit financing, empower merchants with working capital to scale their businesses sustainably, aligning with Egypt’s Vision 2030 for digital financial inclusion. MaxAB Payments projects a transaction volume of 10 billion Egyptian pounds ($207 million) by the end of 2025, building on its existing credit recharge service.

The acquisition reflects a broader trend in African retail, where e-commerce and fintech convergence are transforming informal markets. The MaxAB-Wasoko merger, valued at $526 million, created the continent’s largest B2B retail network, surpassing competitors like Jumia, which recently expanded its delivery service to Nigeria.

Industry analysts view the Fatura acquisition as a blueprint for digitised, financed, and localised retail, with MaxAB-Wasoko leveraging AI and technology to enhance scalability, as evidenced by the appointment of AI expert Mo Elshenawy to its board in October 2024.

Despite challenges, including a 10% workforce reduction in January 2024 and the departure of MaxAB co-founder Mohamed Ben Halim in October 2024, MaxAB-Wasoko remains focused on profitability. Co-CEO Daniel Yu emphasised the company’s goal to achieve profitability in all markets, with e-commerce operations already profitable in three of five countries. The Fatura acquisition, combined with EFG Finance’s strategic backing, positions MaxAB-Wasoko to lead Africa’s retail transformation, driving economic growth and empowering small businesses across the continent.