Risevest, a fintech company from Nigeria, has officially acquired Hisa, a startup from Kenya that focuses on investment. The acquisition was approved by Kenya’s Capital Markets Authority (CMA), allowing Risevest to start operating in Kenya.
On Monday, September 9, Eke Urum, CEO of Risevest, shared with TechCabal that even though Risevest is taking over Hisa, the Hisa name, team, and operations will stay the same. Urum emphasized that there are no plans to change Hisa’s name since it is well-liked by Kenyans.
After the acquisition, Eric Jackson, the CEO of Hisa, will become the Chief Technology Officer (CTO) at Risevest. Co-founder Eric Asuma will take on the role of Strategy Advisor.
Leah Njoroge, who was a Finance Associate at Hisa, will now be the Head of Operations, reporting to Urum. Urum will oversee Hisa as part of his responsibilities for the companies Risevest has acquired.
Risevest, supported by Ventures Platform and Techstars, has about 600,000 users on its platform. Hisa, which received $250,000 in early funding from Faida Investment Bank, was valued at $5 million after its last funding round.
Even though there are no major changes planned, Risevest will take some time to understand Hisa’s company culture and the new market. There might be future plans to hire more leaders to support the team.
The exact details of the acquisition weren’t fully shared, but an insider mentioned to TechCabal that the deal included both stock and cash.
Eric Asuma commented, “This move not only widens Hisa’s reach but will enable a significant technology upgrade. We are grateful to our early investors who believed in and supported our journey—this milestone is as much theirs as it is ours.”
In July 2024, Techpoint Africa reported that Risevest was planning to acquire Hisa. At that time, a Risevest executive mentioned, “The market is there based on the numbers, and I believe working with a local team might be the best chance of cracking it.”
This acquisition is Risevest’s second within a year, following the purchase of Chaka, another Nigerian fintech company, in an undisclosed deal in September 2023.
With this acquisition, Risevest will now be able to enter Kenya’s growing digital investment market, which is expected to reach $2,776 million in total transactions by 2024.
