African e-commerce company MaxAB-Wasoko has purchased Fatura, aiming to quicken its continental growth in the market.
MaxAB-Wasoko, the African retail e-commerce and supply chain platform, has made a strategic move by acquiring Fatura, an Egypt-based B2B e-marketplace. This acquisition marks a pivotal moment in the company's journey, as it aims to transition from its traditional asset-heavy B2B e-commerce model towards a fintech-led growth strategy.
The acquisition of Fatura, which serves over 600 wholesalers and is expected to contribute about 25% of MaxAB-Wasoko’s revenue in Egypt by the end of fiscal 2025, will play a critical role in this transformation. Belal El-Megharbel, CEO of MaxAB-Wasoko, described the acquisition as more than a growth play; it's the realization of their ambition to become the go-to, one-stop-shop for retailers throughout Africa.
Fatura's asset-light, scalable marketplace model is complementary to MaxAB-Wasoko’s full-stack supply chain, offering retailers broader access to credit and embedded financial services. The integration is aimed at driving topline growth and operational efficiencies over the next 12-18 months.
MaxAB-Wasoko has recently secured an Egyptian banking license, enabling it to bypass traditionally low-margin physical logistics by focusing on fintech services such as real-time credit scoring based on transaction data. This license facilitates partnerships with institutions like Banque Misr/EBC and supports the launch of fintech solutions in Morocco and Egypt.
The company has slowed down its e-commerce expansion to prioritize internal integration—merging technology systems, streamlining administration, and enhancing unit-level profitability across its markets. Profitability is currently achieved in only three of five markets, reinforcing the focus on sustainable growth.
Investor sentiment is cautious despite the strategic direction. Early investors like Sweden’s VNV Global have marked down their valuation stakes due to concerns about fundamental economics in African B2B e-commerce. However, some backers such as EFG Holding remain bullish about the integration’s potential to digitize informal retail and drive future success.
Aladdin ElAfifi, CEO of EFG Finance, the subsidiary that sold Fatura to MaxAB-Wasoko, stated, "We are thrilled to partner with MaxAB-Wasoko... This integration will fuel growth and demonstrates our fintech commitment." EFG Finance gains a board seat as part of the agreement.
Since merging in 2024, MaxAB and Wasoko have been on a mission to dominate Africa's B2B e-commerce space and build a tech-powered future for retail across the continent. This acquisition is a significant step towards realizing that ambition, as MaxAB-Wasoko positions itself as a fintech-first B2B digital platform, leveraging embedded lending and financial services for sustainable growth across Africa. The Fatura marketplace will be integrated and rebranded under MaxAB-Wasoko, adding 626+ wholesalers onboarded across 16 cities, including 5 new cities for MaxAB-Wasoko.
Technology integration will be a key focus as MaxAB-Wasoko aims to streamline its administration and enhance unit-level profitability across its markets. This move also includes leveraging Fatura's scalable marketplace model, which offers retailers broader access to credit and embedded financial services, as part of its fintech-led growth strategy.
