Connect with us

Tech

Egypt’s MaxAB completes landmark merger with Kenya’s Wasoko group

Published

on

Two of Africa’s B2B e-commerce companies, Egypt’s MaxAB and Kenya’s Wasoko, have wrapped up a tech merger following the signing of preliminary terms in Q4 2023.

Wasako, formerly known as Sokowatch, had in March 2022 closed a $125 million Series B equity round which enabled retailers to restock products for their businesses at any time via mobile app with free same-day delivery, and is accessed across Kenya, Tanzania, Rwanda, Uganda, Zambia and the Democratic Republic of Congo (DRC).

On its part, MaxAB, which creates a market for local underserved merchants and mom-and-pop shops in Egypt and Morocco to grow, increase their revenues and enhance their own quality of life, had closed its own $40m Series B equity round in October 2022.

The merger talks had been ongoing since December’s amid challenging times for fundraising in Africa and with the final closure, the two companies say they are announcing and by the “merger-of-equals”, which they said would bolster the growth and development of the pair to establish the most successful digital retail platform on the continent.

A joint statement issued on Wednesday states that the landmark deal has now been completed.

“Conducted as an all-stock transaction, it establishes a truly pan-African platform for communities to access essential digital and physical goods, marking Wasoko and MaxAB’s evoluty yayion from B2B e-commerce companies to a multi-vertical ecosystem for Africa’s US$600 billion informal retail sector.

“Leveraging Wasoko and MaxAB’s extensive, hyper-localised online and offline expertise across Kenya, Tanzania, Rwanda, Egypt and Morocco, the newly-formed entity boasts the continent’s largest network of B2B informal retailers of more than 450,000 merchants, connected to more than 65 million consumers.

“The two companies have successfully integrated their tech stacks and operations, with the combined company’s unrivalled retailer network and offerings enabling the launch of new business units beyond e-commerce and the development of AI systems.

“Building on burgeoning trade ties between North and East Africa, this deal unifies the leading B2B players in both regions, establishing an unmatched platform for serving communities across the continent. Through our integrated technology stack, our expanded Pan-African reach uniquely positions us to offer the best products and services from across Africa at maximum accessibility and affordability, supercharging our growth beyond what either company could achieve independently.

“This merger proves that massive, world-class tech companies can be built in Africa for Africa. As first-movers, we fully embrace our responsibility to drive the development of a mature and thriving ecosystem, building foundational infrastructure that will empower future companies to fully unlock Africa’s vast economic potential in years to come.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

20 African tech-preneurs embark on Korean innovation tour

Published

on

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.

Continue Reading

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments 

Published

on

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

 

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Continue Reading

EDITOR’S PICK

Metro31 minutes ago

Zambian NGO decries persistent corruption, says governance in 2024 marked by mixed fortunes

A Non-Governmental Organization in Zambia, the Gender Organizations Coordinating Council (NGOCC), has decried what it described as persistent corruption in...

Sports53 minutes ago

Sad day for African football as promising Kenyan star passes on

he African football fraternity was thrown into mourning following the untimely demise of promising Kenyan striker, Ezekiel Otuoma, who died...

Metro6 hours ago

Nigeria: Police dismiss Amnesty Intl’s report on killing of protesters, demand apology

The Nigeria Police has rejected a report by Amnesty International that accused the force of killing protesters during the #Endbadgovernance...

Sports1 day ago

Coach of Mamelodi Sundowns female team suspended over sexual harassment allegations

The head coach of Mamelodi Sundowns women’s team, Jerry Tshabalala, has been suspended indefinitely amid allegations of sexual harassment of...

Culture1 day ago

Ghana’s Afua Asantewaa begins second GWR sing-a-thon attempt

Ghanaian singer, Afua Asantewaa, on Saturday, began her second attempt at breaking the Guinness World Record (GWR) for the longest...

Tech1 day ago

20 African tech-preneurs embark on Korean innovation tour

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures...

Metro1 day ago

Zambia: Expert warns of food security threat due to climate change 

A prominent Zambian climate-smart agriculture expert, Oliver Bulaya, has warned of a collapse of the county’s agricultural sector with a...

Metro1 day ago

Outrage over murder of Nigerian beaten to death by South Africans inside estate security office

The Nigerian community, under the auspices of Nigerian Citizens Association in South Africa (NICASA), has raised the alarm over the...

VenturesNow2 days ago

Moroccan annual inflation rises to 0.8% in November

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from...

Musings From Abroad2 days ago

Swiss company Mercuria partners Zambia’s IDC in new metals trading firm

According to a statement released by Swiss commodities trader, Mercuria, on Thursday, it has established a metals trading arm with...

Trending