EFG Finance becomes key shareholder in MaxAB-Wasoko with Fatura acquisition

CAIRO - EFG Finance, a subsidiary of EFG Holding, has approved the acquisition of the Egypt-based B2B e-marketplace Fatura by MaxAB-Wasoko, a leading e-commerce and supply chain super app in Africa. This strategic move not only expands MaxAB-Wasoko’s offerings but also grants EFG Finance significant shares and a board seat in the merged entity.

The acquisition is a critical component of MaxAB-Wasoko’s strategy to unify the B2B e-commerce and fintech sectors across the African continent. The company has seen substantial growth following its merger with Wasoko last year, which extended its reach into Kenya, Rwanda, and Tanzania.

Belal El-Megharbel, CEO of MaxAB-Wasoko, emphasized the acquisition’s role in fulfilling the company’s goal to become the primary resource for African retailers. He highlighted the benefits retailers will gain from the integrated platform, including a wider product range and innovative financial services.

Fatura’s integration into MaxAB-Wasoko is expected to significantly enhance the product variety available to retailers, addressing the fragmented distribution networks prevalent in the region. Fatura’s existing network includes over 626 wholesalers across 16 cities, five of which are new to MaxAB-Wasoko’s platform.

Aladdin ElAfifi, CEO of EFG Finance, expressed enthusiasm for the partnership, noting the potential for substantial business growth. The acquisition aligns with EFG Holding’s commitment to innovation in fintech, as demonstrated by its portfolio of financial services companies.

MaxAB-Wasoko’s financial services are set to provide expanded credit access for merchants, fueling retail growth. The Fatura marketplace is projected to contribute about 25% to MaxAB’s Egypt revenue by year-end, with expectations of continued growth as the model is implemented in other markets.

Since merging with Wasoko, MaxAB has doubled its fintech business in Egypt, expanded to Morocco, and financed over 9% of e-commerce sales, showcasing the demand for digital financial solutions among retailers.

The partnership between MaxAB-Wasoko and EFG Finance aims to revolutionize African retail by creating an integrated, tech-enabled ecosystem that enhances supply chain efficiency and promotes economic development across the continent. The acquisition is based on a press release statement from EFG Holding S.A.E.

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