MaxAB-Wasoko, the merged African retail e-commerce and supply chain startup, has acquired Egyptian B2B e-commerce platform Fatura from EFG Finance, a subsidiary of Cairo-based financial services giant EFG Holding. The transaction, announced today, marks the latest milestone in the company’s ambition to consolidate the continent’s fragmented B2B commerce landscape through digital infrastructure and embedded financial services.
As part of the deal, EFG Finance becomes a significant shareholder in MaxAB-Wasoko and will take a seat on the board. Financial terms of the acquisition were not disclosed.
The move comes less than a year after the headline-grabbing merger between Egypt’s MaxAB and Kenya’s Wasoko, two of Africa’s most prominent digital retail infrastructure players. The combined company now operates across five key markets — Egypt, Morocco, Kenya, Rwanda, and Tanzania — serving hundreds of thousands of informal retailers through its mobile-first “super app”.
Fatura’s integration provides MaxAB-Wasoko with deeper penetration in Egypt, Africa’s third-largest consumer market. Founded in 2019, Fatura built a mobile-based marketplace that connects wholesalers and manufacturers to small retailers across Egypt, operating with an asset-light model that complements MaxAB-Wasoko’s vertically integrated logistics infrastructure.
Before the acquisition, Fatura had onboarded over 626 wholesalers and served more than 25,000 retailers in 20 governorates. Five of the cities where Fatura operates represent new geographic markets for MaxAB-Wasoko, expanding its presence beyond its existing hubs. The startup’s platform lists over 10,000 SKUs and surpassed EGP 1bn ($64m) in annual gross merchandise value.
“The acquisition of Fatura 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,” said Belal El-Megharbel, CEO of MaxAB-Wasoko. “By bringing together operational strength, product depth, and fintech innovation, we’re setting a new standard for B2B retail on the continent.”
The integration is expected to drive up to 25% of MaxAB-Wasoko’s Egypt revenue by year-end. In the longer term, the company plans to replicate Fatura’s marketplace model across other African markets.
Alongside its e-commerce infrastructure, MaxAB-Wasoko is doubling down on financial services. Through embedded credit offerings, it finances over 9% of its e-commerce transactions — a figure that has doubled in Egypt and expanded into Morocco over the past year.
Fatura’s own foray into fintech began prior to its acquisition by EFG Holding’s subsidiary Tanmeyah in 2022. It had launched digital lending services aimed at retailers and signalled ambitions to expand its product suite to include digital payments and other financial tools.
ElAfifi, CEO of EFG Finance, said the partnership aligns with the firm’s wider goals in fintech innovation. “Integrating Fatura will drive meaningful business growth. Our role as a board member and shareholder underscores our commitment to building scalable, tech-driven solutions in the B2B space,” he said.
The acquisition is part of a broader trend of consolidation among African retail tech companies, many of which are now seeking scale and efficiency in an increasingly competitive space. Despite strong demand from informal retailers, Africa’s B2B commerce sector remains under-digitised — with digital players capturing less than 5% of the FMCG market in Egypt, according to Fatura co-founder Hossam Ali.
By absorbing Fatura’s asset-light marketplace into its logistics-heavy infrastructure, MaxAB-Wasoko is attempting to strike a balance between flexibility and control. The company aims to provide everything from procurement to last-mile delivery and working capital, targeting a segment of retailers that often face inventory and liquidity constraints.
Post-merger, the combined entity has prioritised operational improvements, supplier terms, and delivery timelines to improve unit economics — factors that will be increasingly scrutinised as competition heats up and investors seek sustainable growth.
What’s next?
Over the next 12 to 18 months, MaxAB-Wasoko says it expects to see significant topline growth and improved operational efficiency. Its long-term strategy remains focused on building a regional super app that provides access to goods, credit, and digital tools for small merchants — an essential demographic in Africa’s retail economy.
With the addition of EFG Finance as a strategic investor, the company gains not only capital but also institutional backing from one of the region’s most prominent financial players. For Fatura, the acquisition offers a pathway to scale its marketplace model across the continent, integrated into a more expansive logistics and financial services engine.
As MaxAB-Wasoko deepens its footprint in North and East Africa, its challenge will be to harmonise product offerings, maintain service quality, and ensure profitability across diverse and often informal retail markets.