A semiconductor wafer has a plurality of semiconductor die. First and second conductive layers are formed over opposing surfaces of the semiconductor die, respectively. Each semiconductor die constitutes a WLCSP. A TSV is formed through the WLCSP. A semiconductor component is mounted to the WLCSP. The first semiconductor component is electrically connected to the first conductive layer. A first bump is formed over the first conductive layer, and a second bump is formed over the second conductive layer. An encapsulant is deposited over the first bump and first semiconductor component. A second semiconductor component is mounted to the first bump. The second semiconductor component is electrically connected to the first semiconductor component and WLCSP through the first bump and TSV. A third semiconductor component is mounted to the first semiconductor component, and a fourth semiconductor component is mounted to the third semiconductor component.