After more than eleven years at the helm of Wasoko, co-founder and CEO Daniel Yu has announced that he will be stepping back from his full-time role following the landmark merger with MaxAB. Though Yu will no longer engage in daily operations, he will remain involved in a strategic advisory capacity as Belal El-Megharbel assumes full operational leadership.
Yu’s decision comes at a pivotal time for the combined Wasoko-MaxAB entity, which has rapidly grown since the all-stock merger completed in August 2024. Together, the merged company now serves over 450,000 informal retailers across five African countries—Egypt, Kenya, Tanzania, Rwanda, and Morocco—and employs more than 4,000 people. Prior to the merger, both companies had raised over US$230 million in funding, led by major global and regional investors including Tiger Global, Silver Lake, VNV Global, British International Investment, and Avenir Growth.
Under Yu’s leadership, Wasoko and MaxAB successfully integrated their technology stack and operations in under two months—reportedly within sixty days. The merger aimed to shift from pure volume-driven growth toward profitable operations. Already, three of the five markets the company operates in are e-commerce profitable; the remaining two are expected to achieve profitability within the next year.
A central pillar of the merger’s vision is expansion in fintech services. Wasoko-MaxAB has disbursed more than US$20 million in credit financing to merchants within the last year, with repayment rates exceeding 99%. Egypt alone contributes US$180 million annually from its digital services, part of a strategy to diversify revenue streams beyond low-margin commerce.
On a personal note, Yu shared that he is relocating to India to join his fiancée, Rachel Abbott, and that they are planning their life together. He also will take on a new role as board chair of Malengo, a nonprofit focused on eliminating extreme poverty through international education, signaling his ongoing interest in impact beyond commerce.
While Yu transitions out of daily duties, he expressed tremendous gratitude for his cofounders, investors, partners, and his team. He affirmed his confidence in Belal El-Megharbel’s leadership and expressed excitement for what the future holds—for both himself and the organisation.
Yu’s departure from the CEO role happens at a moment when Wasoko-MaxAB is executing ambitious growth plans: expanding fintech across existing markets, consolidating operations, increasing profitability, and exploring further expansion through acquisitions. Notably, the company’s acquisition of Fatura, an Egyptian B2B marketplace, adds 626 wholesalers across 16 cities to its reach.
This change in leadership underscores a mature phase for the company: moving from scrappy startup scaling toward operational excellence and sustainable impact. With Yu stepping back and Belal steering forward, the Wasoko-MaxAB story illustrates another chapter of Africa’s evolving tech ecosystem—one where founders are navigating both business success and personal purpose.
