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Nigerian Fintech, Risevest Acquires Hisa, Kenyan Startup
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Nigerian fintech company, Risevest, has acquired Hisa, a Kenyan startup that enables users to invest in local and global markets.
The acquisition will allow Risevest to operate in Kenya. Hisa is also the second investment by the Nigerian company in less than a year.
Hisa Retains Name Despite Acquisition
Rise declined to share transaction details, however, one person with knowledge of the transaction told TechCabal the acquisition involved a mix of stock and cash.
The acquisition allows Rise to maintain Hisa’s brand, keeping its operations and all staff intact.
Rise CEO Eke Urum said in an interview with TechCabal:
“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.”
“Our focus is understanding the company and the market we are entering before making any significant changes.”
Also Read: 12 Best Dollar Investment Apps In Nigeria 2024
Risevest Expansion Across Africa
Following the acquisition, Hisa’s CEO, Eric Jackson, will become Chief Technology Officer (CTO), and co-founder Eric Asuma will take on the role of Strategy Advisor.
Leah Njoroge, Finance Associate at Hisa, will become Head of Operations, reporting directly to Urum, who will now oversee Hisa as part of his portfolio of acquired startups.
Further leadership hires are expected once operational efficiency improves, although the company plans to take a measured approach to any organizational changes.
Founded by Bosun Olanrewaju, Eke Urum, and Tony Odiba, Risevest describes itself as a technology-driven finance company connecting everyday Africans with the best dollar-denominated investment opportunities around the world.
Investment fintechs have become popular, particularly among young urban Nigerians, allowing them to invest in foreign stocks and bonds, with experts saying they have increased financial inclusion in the country.
Risevest, reportedly stated that it has over 600,000 users with over $42 million in returns paid to investors across Nigeria, Ghana, the United States, Kenya, and Uganda who are leveraging its app to invest in the global stocks.
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