Nigerian fintech start-up Rise has acquired Kenya’s Hisa as it expands into the East African market. Rise, a stock investment venture that connects users to global securities denominated in US dollars, aims to enhance borderless investments for Africans in stocks, ETFs, bonds, and alternative investments.
Hisa, which focuses on creating seamless investment opportunities for Africans, will continue to operate under its current brand and retain its staff, following approval from Kenya’s Capital Markets Authority (CMA).
Rise CEO Eke Urum confirmed that there are no plans to rebrand Hisa after the acquisition. “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, who co-founded Rise with Bosun Olanrewaju and Tony Odiba in 2019, said.
Hisa was established in 2020 by Eric Jackson and Eric Asuma, the founder of Kenya Wall Street. The start-up raised $250,000 in pre-seed funding and was valued at $5 million post-money. Jackson, who previously served as Hisa’s chief technology officer (CTO), will continue in that role. Asuma will transition to a strategy advisor role following the acquisition.
This acquisition marks Rise’s second in the past year. In September 2023, Rise acquired the Nigerian digital trading platform Chaka for an undisclosed amount. The company now boasts over 620,000 users across Rise and Chaka.
According to data from Statista, Kenya’s digital investment market is expected to reach a total transaction value of $2,776 million in 2024, highlighting significant growth potential for this sector.
