Nigerian investment platform, Risevest, has acquired Kenyan startup, Hisa. The deal, which was approved by Kenya’s Capital Markets Authority, makes it Risevest’s second acquisition within a year.
According to the terms of the deal, Hisa, which was founded in 2020, will retain its brand identity as well as all existing staff. Eric Jackson, Hisa’s CEO, will transition to the role of Chief Technology Officer, while co-founder Eric Asuma will serve as a strategy advisor. Leah Njoroge, formerly a finance associate at Hisa, has been promoted to Head of Operations.
Eke Urum, CEO of Risevest, stated the company’s plan to maintain Hisa’s local appeal, stating:
“We like the Hisa name because it resonates well with Kenyans so we have no plans on changing it. We are not planning to make a lot of changes; it is time to understand the company, the culture, the context, and the market that we are coming into.”
Urum will oversee Hisa as part of his expanded portfolio of acquired startups. Although the financial details of the transaction were not disclosed, sources suggest it involved a combination of stock and cash.
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The acquisition allows Risevest to leverage Hisa’s established presence in Kenya’s digital investment market, which is projected to reach a transaction value of $2.776 billion by 2024. This move aligns with Risevest’s mission to create a borderless investment experience for Africans, and will provide Kenyan users with a comprehensive suite of investment options and financial education resources.
As a result of this acquisition, Risevest has placed itself on the path to become a major player in the continent’s rapidly evolving fintech ecosystem.