MaxAB-Wasoko acquired EFG Finance’s B2B e-marketplace Fatura after EFG Finance approved the acquisition, according to a statement (pdf). Following the acquisition EFG Finance will become a significant shareholder in MaxAB-Wasoko and part of its board.

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ICYMI- Egyptian B2B e-commerce platform MaxAB and Kenya-based Wasoko merged in August 2024 to create Africa’s largest network of B2B informal retailers, with more than 450k merchants connected to over 65 mn consumers across Egypt, Morocco, Kenya, Tanzania, and Rwanda.

The details: The acquisition strengthens MaxAB-Wasoko’s position in Egypt by adding new cities and wholesalers to its network. The move “marks a pivotal step in MaxAB’s broader strategy to consolidate the B2B ecommerce and fintech space across Africa,” the statement read. Fatura is expected to contribute around 25% of MaxAB’s revenues in Egypt by the end of the year.

What they said: “The acquisition of Fatura is more than a growth play; it’s the realization of our ambition to become the go-to, one-stop-shop for retailers throughout Africa … By bringing together operational strength, product depth, and innovative fintech offerings, we’re setting a new standard for retail across the region,” MaxAB-Wasoko CEO Belal El Megharbel said.

REMEMBER- EFG Holding’s microfinance arm Tanmeyah acquired Fatura back in 2022 to grow its network of merchants and fill the B2B credit market gap.

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