Wasoko and MaxAB Complete Landmark Merger to Form Pan-African B2B E-Commerce and Fintech Ecosystem
B2B e-commerce platforms Wasoko and MaxAB have finalized an all-stock merger of equals, creating a combined entity that connects over 450,000 informal merchants across five African markets.
NAIROBI / CAIRO — African B2B e-commerce heavyweights Wasoko and MaxAB have officially completed their much-anticipated merger. Structured as an all-stock transaction, the deal marks a strategic evolution from pure-play B2B e-commerce into a multi-vertical ecosystem tailored for Africa's $600 billion informal retail sector.
Talks between Kenya-headquartered Wasoko and Egypt-based MaxAB began following an eight-month integration process involving 16 subsidiaries. Prior to the merger, high-profile investors including Tiger Global, Silver Lake, Avenir, and British International Investment had collectively injected over $230 million into the two companies. Legal counsel for Wasoko was provided by a team from Gunderson Dettmer led by corporate partner Bradley Krack.
The companies streamlined their footprint to five core countries: Egypt, Kenya, Morocco, Rwanda, and Tanzania. The combined entity now boasts the continent's largest network of B2B informal retailers, serving over 450,000 merchants and reaching more than 65 million consumers.
“Through our integrated technology stack, our expanded Pan-African reach uniquely positions us to offer the best products and services from across Africa at maximum accessibility and affordability, supercharging our growth beyond what either company could achieve independently,” said Daniel Yu, co-CEO of the combined entity and founder of Wasoko.
In response to a tighter venture capital environment, the newly formed entity prioritized operational profitability over pure gross merchandise value (GMV) maximization. By centralizing back-office functions and eliminating overlapping overhead costs across nearly 4,000 full-time employees, the merger unlocked immediate financial efficiencies.
A core pillar of the new strategy involves scaling high-margin fintech offerings, which include e-payments, digital top-ups, and credit financing managed through standalone business units inside a unified app. Egypt serves as the primary engine for this vertical, generating annualized sales exceeding $180 million alongside more than $20 million in merchant financing deployed with a repayment rate surpassing 99%.
Operating under the joint leadership of Daniel Yu and Belal El-Megharbel of MaxAB, the company is also exploring cross-border trade opportunities, such as sourcing consumer goods like Kenyan tea directly for North African markets, to further consolidate its market position.
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