Nigerian fintech firm Rise has acquired Kenyan investment platform Hisa, expanding its footprint in East Africa.
This acquisition, approved by Kenya’s Capital Markets Authority, enables Rise to operate in Kenya without requiring additional licenses.
Hisa, a prominent player in Kenya’s stock trading market, will retain its brand identity and workforce, ensuring operational continuity.
Backed by Ventures Platform and Techstars, Risevest claims around 600,000 users on its platform, while Hisa secured a $5 million post-money valuation after raising $250,000 in pre-seed funding from investors such as Faida Investment Bank.
Risevest does not plan immediate significant changes but stresses the importance of first understanding Hisa’s company culture, context, and market before making any adjustments. However, there are potential plans to bring in additional leadership to support the team.
Though the full transaction details remain undisclosed, a source informed TechCabal that the deal included a combination of stock and cash.
Eke Urum, CEO of Rise, emphasized that there are no immediate plans to modify Hisa’s structure. “We want to fully understand the company’s dynamics and culture before making any changes,” Urum said. He also highlighted the strength of the Hisa brand within the Kenyan market, noting that it will remain a key asset as Rise integrates the startup into its portfolio.
While the terms of the deal were not publicly disclosed, sources suggest it involved a combination of stock and cash. Hisa’s co-founder, Eric Jackson, will take on the role of Chief Technology Officer (CTO), a position he previously held. His co-founder, Eric Asuma, who also founded Kenyan Wall Street, will remain as a strategic advisor.
Risevest promoted Leah Njoroge, formerly an investment analyst and finance associate, to Head of Operations, where she now reports directly to Urum.
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In strengthening its presence in Kenya, Rise plans to initially focus on understanding Hisa’s operational structure before considering any external leadership hires. “We will assess leadership roles once we’ve seen improvements in operations,” Urum said, reflecting a cautious approach to structural changes.
Founded in 2020, Hisa has received backing from investors including Faida Investment Bank, as well as Ham Serunjogi and Majid Moujaled, co-founders of Chipper Cash. While Urum did not specify whether all existing investors would remain, he confirmed Faida Investment Bank’s continued support.
This marks Rise’s second acquisition in the past year, following its purchase of digital trading platform Chaka in 2023.
