Wasoko
“Can an African B2B e-commerce platform survive by pivoting from low-margin FMCG distribution to embedded credit for informal retailers?”
Founded2013
HQNairobi, Kenya
FoundersDaniel Yu
Latest roundSeries B, 2022 ($125M)
Valuation$260M (Dec 2023, markdown from $625M)
IndustryMarketplace / B2B e-commerce
The story
Founded 2013 as Sokowatch — a B2B e-commerce platform delivering FMCG goods to informal retailers across Africa. Rebranded as Wasoko in 2022 at peak valuation ($625M Series B led by Tiger Global). After the 2022-23 funding crunch, exited multiple markets, conducted major layoffs, and merged with Egypt's MaxAB in late 2023. By 2025, original founders had exited and the combined entity is reportedly pivoting away from pure e-commerce toward embedded finance (credit, PayLater/WKash) as the primary value proposition for informal retailers.
Product timeline
2013
Founded as Sokowatch, B2B e-commerce for informal retailers in East Africa· founding
2022
Rebranded from Sokowatch to Wasoko after $125M Series B at $625M valuation· pivot
2023
Exited Senegal and Ivory Coast; major layoffs in Kenya; valuation marked down to $260M· pivot
2023
Announced merger with Egyptian B2B e-commerce peer MaxAB· acquisition
2024
Founder Mohamed Ben Halim departs· pivot
2025
Founder Daniel Yu steps down (September); combined Wasoko-MaxAB doubles down on embedded finance over e-commerce· pivot
The stack
1 layer disclosed in Wasoko’s embedded-finance stack
Lending
WKash PayLater (7-day trade credit for stocked goods)Wasoko credit orders
Accounting gap: significant