EFG Finance has approved the acquisition of Fatura, a B2B e-commerce marketplace based in Egypt, by Maxab-wasoko, a leading e-commerce and supply chain super application in Africa. EFG Finance is a subsidiary of EFG Holding

The acquisition of Fatura not only expands Maxab-wasoko's offerings, but grants EFG Finance significant shares and a seat on the board of directors of the merged entity. The acquisition is a crucial part 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 to Kenya, Rwanda, and Tanzania

The CEO of Maxab-wasoko, Belal El-Megharbel, highlighted the role of the acquisition in achieving the company's goal of becoming the primary resource for African retailers, highlighting the benefits retailers will gain from the integrated platform, including a wider range of products and innovative financial services.

Fatura's existing network includes over 626 wholesalers in 16 cities, five of which are new to the Maxab-wasoko platform. Maxab-wasoko's financial services are intended to provide expanded access to credit for merchants, thereby fueling retail growth. The Fatura marketplace is expected to contribute around 25% of MaxAB's revenue in Egypt by the end of the year, with expectations of continued growth as the model is implemented in other markets