Nigerian Fintech Rise Acquires Kenyan Investment Platform Hisa, Expands into East Africa
Nigerian fintech startup Rise has acquired Kenyan investment platform Hisa as part of its expansion into the East African market.
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.
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. “Our focus is on understanding the company and the market before making any significant adjustments.”
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. Hisa raised $250,000 in pre-seed funding and was valued at $5 million post-money.
This 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.
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.
Source: Citizen Digital
