Nigerian Investment Platform Risevest Eyes Kenyan Expansion, in Talks to Acquire Hisa
Risevest, a Nigerian investment platform that allows users to invest in global stocks, bonds, and real estate with as little as $10, is gearing up to expand to Kenya, as the company is reportedly in talks to acquire Hisa, a Kenyan startup that allows users access to US stocks.
According to reports, if the deal goes through, it’ll help Risevest expand its operations to Kenya and mark its second acquisition since it bought Chaka, a digital trading startup, in September 2023.
“It’s still an ongoing conversation,” one person with direct knowledge of the deal said, with two other sources sharing that talks began in late 2023.
“We’re 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 in a statement.
However, Urum noted that no agreement has been reached yet with Hisa. Hisa, on the other hand, has yet to issue any statement.
Founded in 2020 by Eric Asuma, Hisa is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). Hisa offers securities trading through licensed market intermediaries; Kenyan stocks trading are provided by Faida Investment Bank, licensed and regulatedd
The company which raised $250,000 in pre-seed funding in 2022 from angel investors like Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money.
By acquiring Hisa, RiseVest will gain market share in the East African nation without registering a new entity and obtaining new licences from regulators.
Source: Techcabal
