Nigerian fintech startup Rise, which provides customers with access to global investments, has expanded its operations to Kenya by acquiring Hisa, a Kenyan investment platform. The deal, approved by Kenya’s Capital Markets Authority (CMA), allows Rise to officially operate within the Kenyan market, marking its second acquisition in under a year.
Hisa Retains Brand and Leadership
Post-acquisition, Hisa will maintain its brand and operational structure, including its entire team. Eke Urum, CEO of Rise, emphasized the importance of preserving the Hisa name, given its resonance in Kenya. “We like the Hisa name because it resonates well with Kenyans, so we have no plans on changing it,” Urum told TechCabal. “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.”
Eric Jackson, Hisa’s co-founder, will take on the role of Chief Technology Officer (CTO), a position he previously held before CEO Eric Asuma stepped down. Asuma, also the founder of Kenyan Wall Street, co-founded Hisa with Jackson in 2020 and will continue as a strategy advisor. Leah Njoroge, a former investment analyst and finance associate at Hisa, has been promoted to head of operations and will report directly to Urum.
Expansion Plans and Strategy
Rise declined to disclose the financial details of the transaction, though one insider suggested the deal involved a combination of stock and cash. Hisa’s investors, including Kenyan investment bank Faida, and Chipper Cash co-founders Ham Serunjogi and Majid Moujaled, were actively involved in acquisition negotiations. Although Urum declined to comment on whether any investors exited after the acquisition, he confirmed that Faida remains an investor in Hisa.
Moving forward, Rise intends to bolster Hisa’s team by hiring additional leaders and focusing on operational improvements before considering any external leadership roles. This strategic acquisition is expected to fuel Rise’s growth in the East African market as part of its broader expansion across the continent.
Context: Strengthening African Fintech
This acquisition is part of a larger trend of African fintech companies expanding their reach across the continent. For Rise, the addition of Hisa aligns with its mission to democratize investment opportunities for Africans by providing access to global assets. With operations already spanning Nigeria and Ghana, this move into Kenya further cements Rise’s position as a pan-African fintech player.
Hisa, on the other hand, has built a solid reputation in Kenya, providing users with access to local stocks, allowing fractional trading, and delivering educational content on investing. Its integration into Rise’s portfolio is expected to enhance the offerings available to Kenyan users while providing Rise with an established foothold in East Africa.
By acquiring Hisa, Rise is positioning itself to become a dominant player in African fintech, leveraging both local market knowledge and a growing demand for investment platforms across the continent. The combined strengths of both companies offer a promising future for users seeking access to a wide range of global financial assets.