Nigerian fintech startup Risevest has completed the acquisition of Kenyan investment platform Hisa, signaling its expansion into the East African market. The deal, approved by Kenya’s Capital Markets Authority, allows Rise to further its mission of providing Africans access to global stock investments. This move follows Rise’s 2023 acquisition of Chaka, bolstering its presence in Africa’s digital investment landscape.
Risevest, which offers users access to global stock investments, seeks to create a seamless, borderless investment experience for Africans. This aligns with Hisa’s mission of providing access to both local and global assets, including stocks, ETFs, bonds, and alternative investments.
Hisa, co-founded in 2020 by Eric Jackson and Eric Asuma, founder of Kenya Wall Street will retain its brand and team as it integrates into Rise’s operations. The acquisition will enable Rise to strengthen its presence in Kenya’s growing digital investment market, which is projected to reach $2.8 billion by 2024.
Hisa lets users buy and sell U.S. stocks on its platform. It was valued at $5 million after raising $250,000 in pre-seed funding from well-known investors like Faida Investment Bank and Estonia’s Startup Wise Guys.
Rise’s expansion is timely, given the increasing potential of Kenya’s digital investment market, projected to reach $2.776 billion in transaction value by 2024, according to Statista. Rise, which already boasts over 620,000 users across its platforms, aims to leverage this growth as it seeks to provide a seamless, borderless investment experience.
Eke Urum, CEO of Rise, emphasized that no immediate changes would be made to Hisa’s operations, as the company aims to gain a deeper understanding of the Kenyan market before making adjustments. Hisa will continue to operate under its current brand, retaining its staff and leadership, with Eric Jackson transitioning from CEO to Chief Technology Officer (CTO), while co-founder Eric Asuma will serve as Strategy Advisor.
“We’re not planning to change the Hisa name it resonates well with Kenyans,” said Eke Urum, CEO of Rise. “Our focus is on understanding the company and the market before making any significant adjustments.”
Leah Njoroge, previously an investment analyst at Kenyan Wall Street and a finance associate at Hisa, has been appointed as the head of operations. All seven Hisa employees will report to her, while Njoroge herself will report directly to Urum, who will now manage Hisa as part of his broader portfolio of acquired startups.
Hisa’s acquisition comes after Rise bought the Nigerian digital trading platform Chaka in September 2023. With more than 620,000 users between Rise and Chaka, the fintech is expanding its presence in Africa’s digital investment market.
Strategic acquisition of Hisa reflects Rise’s broader ambition to dominate Africa’s fintech space by enabling easier access to both local and international investment opportunities. This development comes amid growing fintech activity in Africa, where companies are competing to tap into the continent’s fast-evolving digital economy.
Do you have any story or press releases you want to share? Send tips to editor@envestreetfinancial.com
Follow us on Twitter, Facebook, or LinkedIn to ensure you don’t miss out on any