Egypt's MaxAB merges With Kenya’s Wasoko
Updated 12/24/2023 8:02:00 AM
Arab Finance: MaxAB, the Egyptian B2B e-commerce startup, and Wasoko, a key player in Kenya's e-commerce scene, have joined forces, marking a significant development in the African tech landscape, according to a press release.
In a groundbreaking move, the two companies have inked preliminary merger terms, aiming to create a powerhouse in the digital retail sector across the continent.
This merger, characterized as a union of equals, is poised to fuel the expansion and advancement of both MaxAB and Wasoko to create the most prosperous digital retail platform in the African continent.
In what stands as the largest tech merger in Africa to date, MaxAB and Wasoko will serve a client base of over 450,000 merchants to extend their reach to more than 65 million customers spread across eight African nations, including Egypt, Morocco, Kenya, Tanzania, Rwanda, Uganda, Zambia, and the Democratic Republic of the Congo.
Founded in 2018 by Belal El-Megharbel and Mohamed Ben Halim, MaxAB connects suppliers with underserved traditional merchants and offers a range of financing options.
In 2021, MaxAB introduced MaxAB Payments, a fintech solution empowering local retailers to accept payments for a variety of services.
In addition, MaxAB introduced its LAAS service in 2022, which enables retailers to transport goods for B2C e-commerce platforms.
Wasoko, founded by Daniel Yu in 2013, stands as the largest e-commerce platform serving independent retailers in Sub-Saharan Africa.
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