Nigerian wealth management/investment platform Risevest is set to expand into the Kenyan market, with ongoing talks to acquire Kenyan investment startup Hisa.
This strategic move aims to broaden Risevest’s footprint in East Africa and tap into the growing demand for investment solutions in the region. Hisa, known for its innovative approach to investment, provides a platform that allows users invest in stocks and other financial instruments.
By integrating Hisa’s platform, Risevest will not only gain a foothold in Kenya, but also strengthen its ability to provide international investment options, particularly in US stocks.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
However, it is worth noting that Risevest’s acquisition of Hisa is currently still in talks, after one person with direct knowledge of the deal said the conversation between both companies is still ongoing.
“We are always discussing with other companies to see where potential alignments can be created, but for now, nothing is concrete with Hisa yet”, Eke Urum, Risevest’s founder and CEO told Techcabal.
Acquiring Hisa will allow RiseVest to gain market share in Kenya without registering a new entity and obtaining new licences. Established in 2014, Risevest provides Nigerians with access to dollar-denominated investments, helping them hedge against local currency devaluation and inflation. The platform allows users to invest in global stocks, bonds, and real estate with as little as $10.
Also, the platform provides users access to over 3,500 stocks and bonds and real estate investment trusts (REITs) in the US, UK, and Europe. It offers a range of investment options, including long-term investments, short-term investments, and automated investments.
Over the years, Risevest has grown to become a significant player in the Nigerian fintech landscape, offering a range of investment products managed by a world-class team using smart algorithms.
Hisa, on the other hand, Founded in 2020 by Eric Asuma, the platorm is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE).
The platform has been making waves in the Kenyan fintech scene by enabling users to buy fractional shares of US stocks, thereby lowering the entry barrier for investors. It aims to enable Kenyans to trade both local and global stocks.
In 2022, Hisa raised US$ 250,000 in pre-seed funding from angel investors such as Faida Investment Bank, Estonia based VC Startup Wise Guys, Chipper Cash Founder Ham Serunjogi and Majid Moujaled at a post money valuation of US$ 5 million.
This acquisition of Hisa by Risevest, is expected to strengthen the platform’s abilities and expand the services it offers. Notably, as financial technology continues to evolve rapidly in Africa, Risevest’s move highlights the increasing competition among fintech companies to capture market share and provide innovative financial solutions to a growing number of tech-savvy investors across the continent.
If executed well, this move could solidify Risevest’s position as a leading pan-African wealth management player. It’s an exciting development that I’ll be closely monitoring in the months ahead.