Daniel Yu, co-founder of Wasoko, has stepped away from his full-time role at the retail-tech company he built from scratch into one of Africa’s most prominent startups.
His decision comes one year after Wasoko’s landmark merger with Egypt’s MaxAB, which created Africa’s largest B2B digital platform for informal retail.
Announcing the move in a LinkedIn post, Yu said: “After more than 11 incredible years building Wasoko, and completing our landmark merger last year with MaxAB, I’ve decided to transition out of my full-time role at the company.”
From Startup to $625 Million Valuation
Since launching in 2013, Daniel Yu scaled Wasoko into a $625 million business backed by Tiger Global, Silver Lake, and British International Investment. The company raised over $230 million in funding and connected 450,000 merchants to 65 million consumers across Kenya, Tanzania, Rwanda, Egypt, and Morocco.
The merger with MaxAB bolstered operations but came with heavy restructuring. In late 2023, Wasoko laid off over 100 staff, closed its Zanzibar office, and suspended operations in Uganda and Zambia.
Senior Kenyan executives, including the CFO, CTO, and Head of HR, also exited earlier this year as the combined business shifted leadership to Cairo, where MaxAB co-founder Belal El-Megharbel now leads as CEO.
Yu’s Continued Role and Focus on Profitability
Although leaving daily operations, Yu confirmed he will remain involved in an advisory capacity: “While I’m stepping back from day-to-day responsibilities, I’ll remain closely involved in helping the company reach new heights under Belal’s leadership.”
Across African tech, startups are moving from chasing growth through gross merchandise volume to focusing on sustainable profitability.
Relocating to India and Leading Malengo
Yu’s departure is also impacted by personal commitments. He revealed that he is relocating to India to join his fiancée, Rachel Abbott, as they prepare for their wedding. At the same time, he will expand his work as board chair of Malengo, a nonprofit that funds international education for low-income students to help break cycles of poverty.
“On a personal note, I’m relocating to India to join my amazing fiancée, Rachel Abbott, as we plan our wedding and life together ahead. Alongside this, I’m excited to further step into my recent appointment as board chair at Malengo, a truly innovative nonprofit eliminating extreme poverty through international education.”
What Daniel Yu’s Exit Means for Wasoko
Yu’s transition is a huge shift for Wasoko, which has positioned itself as a key player in Africa’s $600 billion informal retail sector. With MaxAB at the fore and Cairo as its operational centre, the company is doubling down on digital payments, credit financing, and AI-powered e-commerce tools.
For Daniel Yu, this closes a chapter defined by building one of Africa’s biggest retail-tech stories, while opening another focused on global impact through education and poverty reduction.
