Egypt's MaxAB Merges With Kenya’s Wasoko

MaxAB, an Egyptian B2B e-commerce startup, and Wasoko, a Kenya-based e-commerce player, have signed preliminary merger terms to combine their operations, as per a press release.^[1]  

The merger will support the expansion and development of MaxAB and Wasoko in e-commerce to create the most prosperous digital retail platform on the African continent.

In the largest tech merger in Africa, MaxAB and Wasoko will have over 450,000 merchants as clients, providing basic items to over 65 million customers in eight African nations including Egypt, Morocco, Kenya, Tanzania, Rwanda, Uganda, Zambia, and the Democratic Republic of the Congo.

Wasoko and MaxAB anticipate close cooperation in advancing increased intra-African trade between their markets and deploying innovative technologies across the continent as a result of the merger.

MaxAB is a B2B e-commerce platform that links suppliers with underserved traditional merchants and provides a variety of financing options. It was founded in 2018 by Belal El-Megharbel and Mohamed Ben Halim.

In 2021, the founders introduced MaxAB Payments, a fintech solution that lets nearby retailers take payments for a range of services that their clients could need.

In 2022, MaxAB also introduced its LAAS service, which enables retailers to transport goods for B2C e-commerce platforms.

Founded by Daniel Yu in 2013, Wasoko is the biggest e-commerce platform catering to independent retailers in Sub-Saharan Africa.

Both businesses have seen steady growth since the beginning of 2023, with Wasoko's monthly sales climbing by 30% and its network of merchants in Sub-Saharan Africa expanding by more than 20%.

MaxAB has seen a 25% increase in its monthly active merchant network and a 50% increase in its fintech transaction volumes.