In second quarter of 2025, MaxAB-Wasoko, the newly merged African B2B retail tech giant, made headlines with the acquisition of Egypt’s Fatura — a move widely touted as a strategic coup. On paper, the deal was a no-brainer. Fatura’s asset-light, digitally-native marketplace offered deep penetration in the Egyptian informal retail sector and immediate geographic and operational synergies. But behind the fanfare, the acquisition may signal deeper anxieties about the merged entity’s trajectory following its high-profile merger last year.
In mid-2024, Egypt’s MaxAB and Kenya’s Wasoko joined forces to create a pan-African powerhouse in B2B e-commerce and retail infrastructure. The merger was seen as a watershed moment — a pivot from the traditional obsession with GMV (gross merchandise volume) towards a renewed focus on unit economics, profitability, and long-term sustainability. Operating across Egypt, Morocco, Kenya, Rwanda, and Tanzania, the newly formed MaxAB-Wasoko promised scale, efficiency, and a roadmap to digital transformation for Africa’s fragmented informal retail sector.
Optimism was high. Investors cheered the strategic alignment, analysts highlighted potential synergies, and both companies’ leadership talked of building a regional “super app” offering procurement, logistics, working capital, and fintech services.
In this context, MaxAB-Wasoko’s acquisition of Fatura in May 2025 was framed as a bolder growth play — expanding the company’s Egyptian footprint, tapping into new geographic markets, and layering fintech capabilities onto its core retail infrastructure. EFG Finance, a subsidiary of Egypt’s EFG Holding and the seller of Fatura, became a strategic investor and board member in the process, further underlining the deal’s credibility.
But there’s reason to believe the transaction was also driven by something else: investor concern.
A Subtle Signal from VNV Global
A closer look at Q1 2025 financial disclosures from VNV Global, a Swedish investment firm and minority shareholder in Wasoko, reveals a story of stagnation. As of March 31, 2025, VNV valued its 2.1% stake in Wasoko at $10 million — down 4% from $10.4 million at the end of 2024. It’s a modest decline, but one that stands out in an otherwise quiet quarter. No new investment activity, no exits, no major upticks. Just a $404,000 markdown.
Importantly, the valuation is based on revenue multiples — and a drop here implies that Wasoko’s revenue either underperformed expectations or suffered from external market pressures that forced a recalibration of comparable valuations. Either way, it signals investor disappointment.
The Net Asset Value Per Share (NAVPS) contribution from Wasoko to VNV’s portfolio remained flat at 0.1, suggesting the drop had minimal impact on the broader fund. But in the opaque world of venture capital, even small markdowns are meaningful — particularly when there’s no clear growth catalyst in sight.
Compared to peer companies in VNV’s portfolio, Wasoko’s relative underperformance becomes clearer. Breadfast, an Egyptian and regional B2B player in VNV’s books, maintained a stable valuation, while HungryPanda, an Asian food delivery startup, jumped by 43% in the same quarter.
In light of this, observers note that the Fatura acquisition may reflect more than strategic growth; it may be an attempt to reignite momentum and restore confidence. Fatura, which had onboarded 626 wholesalers and served over 25,000 retailers in 20 Egyptian governorates, represents both a short-term boost and a long-term bet. Five of the cities where it operates are entirely new for MaxAB-Wasoko, expanding its footprint in what is Africa’s third-largest consumer market.
Yet while the deal may help offset stagnation in topline growth, the challenge lies in execution. Integrating Fatura’s asset-light model into MaxAB-Wasoko’s logistics-heavy infrastructure will require more than operational finesse — it will demand alignment in product, pricing, and performance across vastly different ecosystems. With margins already tight and informal retailers sensitive to pricing and credit terms, missteps could be costly.
The Fintech Factor: How Embedded Finance Plays Into the Equation
One area of genuine promise is financial services. MaxAB-Wasoko currently finances over 9% of its e-commerce transactions, a figure that has doubled in Egypt and is expanding into Morocco. With Fatura’s legacy in fintech — including early digital lending services and ambitions around digital payments — the acquisition could fast-track MaxAB-Wasoko’s journey to becoming a financial services platform for small merchants.
EFG Finance’s involvement as a shareholder and board member adds strategic weight. The company’s fintech mandate aligns well with MaxAB-Wasoko’s ambitions and could unlock further capital and partnerships. “Integrating Fatura will drive meaningful business growth,” said Aladdin ElAfifi, CEO of EFG Finance. “Our role underscores our commitment to building scalable, tech-driven solutions in the B2B space.”
The Fatura acquisition also fits into a wider trend of consolidation in African retail tech, where the path to profitability increasingly lies in scale and operational control. But while consolidation is often presented as a strategic necessity, it’s just as often a cover for missed targets or unmet investor expectations.
For MaxAB-Wasoko, the pressure is on. The company must harmonise product offerings, integrate systems, and drive value from its acquisitions — all while maintaining the trust of informal retailers and investors alike. As competition in the B2B commerce space heats up, merely being “big” appears to be no longer enough.
MaxAB-Wasoko’s acquisition of Fatura is not just another growth announcement — it’s a window into the challenges of scaling B2B commerce in Africa. While the merger between MaxAB and Wasoko was meant to signal a new chapter of disciplined growth and operational maturity, the muted valuation movement and strategic pivot towards acquisition suggest that expectations may not have been fully met.
Fatura might just be the adrenaline shot the company needs. But unless it translates into measurable growth, profitability, and investor confidence, it may also become a cautionary tale of how, in African tech, growth alone is no longer enough.