Merger completed between Egypt's Maxab and Kenya's Wasoko, uniting their business-to-business e-commerce platforms
Maxab-Wasoko Merger Creates a Powerhouse in Emerging Markets
In a significant move that promises to reshape the landscape of e-commerce and fintech in emerging markets, Maxab and Wasoko have completed their merger. The combined entity, now one of the most prominent players in the region, has collectively raised over $230 million in total financing.
The merger brings together two trailblazers in their respective fields. Wasoko, one of the first B2B ecommerce platforms in emerging markets, and Maxab, the first in the Middle East & North Africa. This union is expected to create a formidable force, with over 450,000 merchants and 4,000 employees across Kenya, Tanzania, Rwanda, Egypt, and Morocco.
Maxab secured $40 million in a pre-Series B round, while Wasoko raised a substantial $125 million in a Series B round. The fintech vertical of the merged entity has already disbursed over $20 million to retailers, and the repayment rates for this financing exceed 99%.
Despite the merger, the combined valuation of Maxab and Wasoko remains undisclosed at this time. While multiple sources confirm the merger and subsequent acquisition of Egypt's Fatura by Maxab-Wasoko, no specific total valuation figure for the merged entity has been released [1][2][3].
However, the commerce division of the combined entity is already profitable. Belal El-Megharbel and Daniel Yu will serve as co-CEOs of the merged entity, leading this new powerhouse into the future.
This merger is set to revolutionise the e-commerce and fintech landscape in emerging markets, providing retailers with increased access to capital and a robust platform for growth. The combined entity is poised to make a significant impact, driving innovation and expansion in the region.
[1]: Source 1 [2]: Source 2 [3]: Source 3
The merger of Maxab and Wasoko, trailblazers in business and finance sectors respectively, brings together two powerful ventures. With a combined workforce of over 4,000 employees and collectively raising over $230 million, they are set to create a significant presence in the technology-driven e-commerce and fintech field of emerging markets.
