Wasoko and MaxAB Finalize Merger

Kenya's Wasoko and Egypt's MaxAB have completed the largest tech merger on the continent, forming a multi-vertical platform that serves Africa’s $600 billion informal retail sector. The all-stock deal, finalized after initial discussions in late 2023, brings together their combined expertise across Kenya, Tanzania, Rwanda, Egypt, and Morocco, connecting over 450,000 merchants with 65 million consumers.^[1]  

Within 60 days, the companies merged their technology and operations, introducing business units that go beyond e-commerce. These include AI-driven systems for pricing, demand prediction, and route optimization, as well as fintech services like e-payments, credit financing, and digital top-ups. Fintech revenues, particularly in Egypt, are expected to grow by the end of 2024.

With over 4,000 employees, the new company is co-led by Daniel Yu of Wasoko and Belal El-Megharbel of MaxAB. The merger has drawn investment from global and regional investors.

The combined company’s private-label products, such as cooking oil and rice, have shown steady growth, contributing to over 10% of total e-commerce sales and supporting cross-border trade within Africa.

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.