Nigerian fintech Risevest recently acquired Kenyan investment startup Hisa, enabling it to tap into the digital investment market in Kenya
Risevest, a Nigerian fintech startup specializing in investment solutions, recently acquired Kenyan investment startup Hisa.
The acquisition, which has been approved by the Capital Markets Authority of Kenya (CMA), will allow Risevest to legally operate in Kenya. The acquisition also marks the fintech’s second acquisition in the past year. acquired Chaka in an undisclosed deal in September 2023.
Following this acquisition, Hisa will continue to operate under its current brand, retaining its existing personnel and business practices.
“We like the name Hisa because it resonates well with Kenyans, so we have no plans to change it,” Risevest CEO Eke Urum said in a statement to TechCabal. “We don’t plan to make many changes; it’s time to understand the business, the culture, the context, and the market we’re entering.”
Following the acquisition, Hisa’s current CEO Eric Jackson will become Chief Technology Officer (CTO) and co-founder Eric Asuma will become a strategic advisor. Leah Njoroge, a former investment analyst at Kenyan Wall Street and a financial partner at Hisa, will be responsible for operations. She will report to Urum, who will now oversee Hisa as part of its acquired startup group.
As of now, no major details of the deal have been disclosed and no major changes are expected within the company. There may also be plans to hire additional executives to support the team as part of the acquisition. Risevest said it plans to use this time to understand the company, culture, context and the market it is entering.
The acquisition could allow Risevest to tap into Kenya’s digital investment market, which is expected to reach a value of $2.776 billion by 2024. Hisa co-founder Asuma was quoted as saying that the acquisition aligns with the company’s vision to promote investment opportunities in Africa.
“This transaction expands Hisa’s reach and enables a significant technological upgrade. We are grateful to our early investors who believed in and supported our project. This milestone is as much theirs as it is ours,” he stressed.