MaxAB-Wasoko Acquires Fatura To Boost African E-Commerce

MaxAB-Wasoko, a pan-African retail e-commerce and supply chain super app, has acquired Fatura, a B2B e-marketplace based in Egypt, from EFG Finance, a subsidiary of Cairo-headquartered EFG Holding.

The acquisition aims to empower informal retailers across Africa and drive pan-African market expansion through enhanced supply chains and fintech innovation, unifying the B2B commerce and fintech sectors on the continent. As part of the transaction, EFG Finance will become a key shareholder in MaxAB-Wasoko, gaining both an equity stake and a seat on the company's board. 

Inc. Arabia spoke with Belal El-Megharbel, CEO of MaxAB-Wasoko, to learn more about the deal. “Our mission has always been to empower informal retailers by providing access to better, more efficient supply chains, and this acquisition strengthens that vision," El-Megharbel told us. "Fatura’s digital marketplace model, which connects retailers directly with a broader range of wholesalers/suppliers, complements MaxAB-Wasoko’s existing supply chain infrastructure by offering greater product depth and flexibility.”  

According to El-Megharbel, the synergies between the two companies will unlock access to a broader product range and operational benefits. “For example, Fatura’s reach in 16 cities in Egypt, including five new cities for MaxAB-Wasoko, helps us expand our geographic footprint and unlock new opportunities," he said. "It also brings an asset-light model, which enables us to scale our product range quickly and efficiently. Additionally, Fatura’s platform enhances our ability to meet the growing needs of informal retailers, ensuring more choice and access to products that were previously difficult to source. Moreover, integrating Fatura allows us to scale our tech-driven, mobile-first platform, enabling informal retailers to access everything from procurement to credit and digital tools in a seamless experience. The acquisition also enhances our ability to cater to retailers in new cities and markets, further improving our reach and the convenience of our offerings.” 

Building on last year’s pivotal merger between the Egypt-founded MaxAB and Kenya-born Wasoko, which enabled MaxAB-Wasoko to consolidate its footprint across Kenya, Rwanda, Tanzania, Egypt, and Morocco, the acquisition of Fatura now allows it to establish a regional platform that offers end-to-end, tech-driven solutions tailored to the unique needs of local markets. And while MaxAB-Wasoko currently offers embedded finance solutions, including digital payment solutions and working capital in the form of credit to informal retailers, the integration of Fatur’s fintech solutions will provide retailers with more diverse financing options.

“Integrating Fatura’s marketplace model with our existing fintech solutions allows us to offer credit not only for purchases through MaxAB’s platform but also for transactions made via Fatura’s marketplace,” El-Megharbel explained. “This enables us to offer informal retailers more flexibility and access to credit across a wider array of product categories. The ability to scale the credit product faster means more retailers will be able to access the working capital they need, helping them stock more inventory, expand their businesses, and increase sales. By combining Fatura’s platform with our fintech services, we’re able to offer retailers both financial support and a wider product range, enhancing their ability to compete and grow.” 

Founded by Hossam Ali, Ahmed Anwar, and Abdullah Mohebeldin in Cairo in 2019, Fatura, which was acquired by Tanmeyah (a subsidiary of EFG Holding) in 2022, offers a flexible, easy-to-scale marketplace model. In the short term, Fatura’s marketplace is expected to generate about 25 percent of MaxAB’s Egypt revenue by year-end, with rapid expansion and significant growth anticipated as the model is rolled out across other African markets. 

“Informal retailers, who make up the backbone of African commerce, are increasingly seeking out digital solutions that can help them improve inventory management, reduce procurement costs, and access credit in a more efficient manner,” El-Meghrabel noted. “By integrating Fatura, we are adding more depth to our product offering, improving our fintech capabilities, and expanding our geographical reach. The aim is to create a truly pan-African retail ecosystem that combines procurement, logistics, and embedded financial services in one seamless platform." 

El-Megharbel also highlighted that EFG Finance’s strategic stake and board seat will provide valuable guidance as MaxAB-Wasoko expands across Africa. “As a leading financial institution with deep experience in capital markets and strategic investments in the financial services space, EFG brings important expertise in shaping our capital strategy and funding approach," he said. "We expect their input to be instrumental as we explore new avenues for financing, whether through equity, debt, or other strategic partnerships. Their experience in financial markets will help us ensure we have the resources needed to support our growth, particularly as we scale our fintech offerings and expand into new markets. EFG’s strategic perspective will be crucial in helping us navigate the broader financial landscape and maximize the impact of our investments.” 

Pictured in the lead image from left to right is Aladdin ElAfifi, CEO of EFG Finance, and Belal El-Megharbel, CEO of MaxAB-Wasoko.