Nigerian fintech firm Rise has acquired Kenyan investment platform Hisa, expanding its reach into East Africa.
Nigerian fintech firm Rise has announced the acquisition of Kenyan investment platform Hisa, marking its expansion into East Africa.
The deal, approved by Kenya’s Capital Markets Authority, enables Rise to operate in Kenya without the need for additional licences.
Hisa, a key player in Kenya’s stock trading market, will maintain its brand identity and retain its entire workforce. This move signals a continuity in operations, with no immediate changes planned.
Rise’s CEO, Eke Urum, noted the importance of understanding Hisa’s dynamics and culture before making any significant structural alterations.
“Hisa’s brand resonates with the Kenyan audience, and we aim to preserve this,” Urum said, underscoring the value of keeping the startup’s unique identity intact.
Although the terms of the acquisition remain undisclosed, reports suggest a combination of stock and cash was involved. Eric Jackson, Hisa’s co-founder, will transition to the role of Chief Technology Officer (CTO), while his co-founder, Eric Asuma, will continue as a strategic advisor. Leah Njoroge, previously an investment analyst, has been promoted to head operations and will report directly to Urum.
Rise plans to focus on understanding Hisa’s operational structure before considering new leadership hires. Urum expressed a cautious approach, saying, “We will look at leadership once we’ve seen improvements in operations.”
Hisa, founded in 2020, has attracted investment from notable backers, including Faida Investment Bank and Chipper Cash co-founders Ham Serunjogi and Majid Moujaled. While it’s unclear if all investors will remain, Urum confirmed Faida’s continued support.
This acquisition follows Rise’s 2023 takeover of digital trading platform Chaka, marking its second acquisition in a year as it continues to strengthen its presence in Africa’s fintech sector.
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