Maxab, an Egypt-based E-commerce platform for retailers, raised $40 million in a pre-series B round. The company also plans to expand its presence in Egypt and Casablanca, Morocco.
Fintech business is growth stream
FinTech is an industry that’s generating billions in revenue. These companies use technology to provide enhanced financial services, automate and modify existing ones, and create new ecosystems for businesses.
FinTech has made it easier for consumers to manage their finances. They also help businesses streamline operations and deliver better productivity. The industry has grown rapidly over the past several years.
FinTech business models offer compelling new experiences. Providing customers with the ability to easily and seamlessly transfer money is one of the major benefits. In addition, many FinTech products provide useful insights about consumer behavior.
For example, a company can integrate a payment process with an e-commerce store checkout. This helps the business to create a smoother customer experience and reduce the costs associated with providing payments.
Another example is an electronic wallet. These wallets combine a simple bank account with a payment gateway. A user can preload virtual money and pay for goods and services.
Geographic expansions planned
A recent investment by an Egyptian based startup in the land of nods should be no cause for concern. The company has already launched a fintech arm leveraging a triumvirate of a pool of merchants and a dollop of operational savvy. While the company is still figuring out the best way to juggle the teeming masses, it is making good on its promise to serve the masses via a slick online portal. And that is no small feat considering the competition.
Not a day goes by that the company fails to perform well in the local competition. Indeed, the company has a foothold in several key cities including Cairo, Luxor and Casablanca. One of the largest growth areas is in Saudi Arabia where the company plans to open up shop in earnest in the near future. In the mean time, the company has a growing portfolio of partners spanning a range of verticals from consumer goods to medical technology to financial services. As a result, the startup is more than prepared to slingshot into the sands of time.
Egypt-based company raises $40m in pre-series b round
MaxAB, a Cairo-based B2B e-commerce and distribution platform, has announced the closing of a $40 million pre-series B round of equity funding. This round of investment will fuel the expansion of MaxAB in the MENAP region. The company is currently serving a network of traditional retailers in Egypt and Morocco. It expects to expand into Saudi Arabia by the end of 2023.
MaxAB aims to provide retailers with embedded finance solutions for trade. It uses empowering technologies to connect suppliers with small grocery retailers in Egypt and other markets in North Africa. In addition to providing 24-hour delivery, it also offers a merchant pool.
MaxAB has a strong track record of success in the Egyptian market. Since its inception, it has served over 55,000 retailers and delivered over 1 million orders. Additionally, it has created 1,600 jobs. Currently, the company has a presence in all major cities in Egypt.
Expanding its presence in Egypt and Casablanca in Morocco
MaxAB, an Egyptian B2B ecommerce platform, recently expanded its presence in Egypt and Casablanca, Morocco. The company serves traditional retailers in these countries by connecting them with suppliers and helping them to deliver orders. It plans to expand its geographical coverage to all of Morocco by 2023.
In the past year, MaxAB has been serving 150,000 retailers in Egypt. This includes traditional grocery retailers and mom-and-pop stores. By introducing fintech solutions, the platform has become a one-stop shop for retail consumers.
The company has plans to enter Saudi Arabia and the Kingdom of Morocco. A growing government drive to digitize the informal sector is particularly attractive to the two countries.
MaxAB entered the Moroccan market in the last year after it acquired WaystoCap, an e-commerce startup that was based in Morocco. Since then, the company has been working with the country’s food and grocery retailers. Currently, MaxAB is serving more than a dozen retailers in Morocco.