Nigerian fintech startup Rise, that provides clients with access to global investments, has expanded its footprint to East Africa after it acquired Kenyan investment platform Hisa.
Rise, which connects users to global stock investments denominated in US dollars, aims to create a borderless investment experience for Africans, similar to Hisa’s mission of providing access to local and global assets like stocks, ETFs, bonds, and alternative investments.
Kenya has seen significant growth in its fintech sector, with increasing demand for investment opportunities and financial education. The acquisition of Hisa allows Rise to tap into this market and offer its expertise in providing diversified global investment products to Kenyan users.
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The acquisition, approved by Kenya’s Capital Markets Authority (CMA), is Rise’s second within a year and solidifies its presence in Kenya, a key fintech hub in East Africa. Under the deal, Hisa will retain its brand identity and all existing staff, with no immediate changes planned.
“We’re not planning to change the Hisa name it resonates well with Kenyans,” said Eke Urum, CEO of Rise. “We are not planning to make a lot of changes, it is time to understand the company, the culture, the context, and the market we are coming into”.
While Rise declined to share the details about the transaction, Techcabal reports that an insider revealed that the deal involved a mix of stock and cash.
Hisa was co-founded in 2020 by Eric Jackson and Eric Asuma, founder of Kenya Wall Street. Jackson, who previously served as CTO, will continue in that role, while Asuma will stay on as a strategy advisor.
Leah Njoroge, a former investment analyst at Kenyan Wall Street and finance associate at Hisa, has been named head of operations. All seven Hisa employees will report to her. Njoroge will report directly to Urum, who will now oversee Hisa as part of his wider portfolio of acquired startups.
Hisa’s acquisition follows Rise’s earlier purchase of Nigerian digital trading platform Chaka in September 2023. With over 620,000 users across both Rise and Chaka, the fintech continues to grow its footprint across Africa’s digital investment landscape.
With this move, Risevest strengthens its mission to promote financial inclusion by offering easy-to-use investment tools and educational resources to help individuals make informed financial decisions. Hisa’s platform, which provides financial news, analysis, and investment education, complements Risevest’s portfolio, positioning it as a leading player in Africa’s investment space.
The integration of Hisa’s services into Risevest’s platform will provide users in Kenya with a seamless experience, allowing them to invest in both local and international assets while continuing to receive valuable financial insights. According to Statista, Kenya’s digital investment market is expected to reach a transaction value of $2.776 billion by 2024, signaling promising growth opportunities for Rise in the region.