- Risevest, a Nigerian fintech, has acquired Hisa, a Kenyan investment startup. The acquisition, approved by Kenya's Capital Markets Authority (CMA), will allow Risevest to operate in Kenya.
- However, Hisa will still retain its brand, staff, and operations. Eke Urum, CEO of Risevest, told TechCabal that there are no plans to change Hisa's name, which resonates well with Kenyans.
- Following the acquisition, Hisa’s CEO, Eric Jackson, will become Chief Technology Officer (CTO), and co-founder Eric Asuma will take on the role of Strategy Advisor. Leah Njoroge, Finance Associate at Hisa, will become Head of Operations, reporting directly to Urum, who will now oversee Hisa as part of his portfolio of acquired startups.
Risevest, backed by Ventures Platform and Techstars, claims to have around 600,000 users on its platform, while Hisa was valued at $5 million post-money after receiving $250,000 in pre-seed funding from investors such as Faida Investment Bank.
While no major changes are expected, Risevest said it is a time to understand the company, culture, context, and market it is entering. However, there may be plans to hire additional leaders to support the team.
Although the transaction details were not fully disclosed, an insider told TechCabal that the deal involved a mix of stock and cash.
Asuma reportedly stated that the acquisition is consistent with the company's shared vision of expanding African investment opportunities.
“This move not only widens Hisa’s reach but will enable a significant technology upgrade. We are grateful to our early investors who believed in and supported our journey—this milestone is as much theirs as it is ours,” the co-founder said.
Before finalising the acquisition, Techpoint Africa reported in July 2024 that Risevest was planning to acquire Hisa. At the time, a Risevest executive noted, “The market is there based on the numbers, and I believe working with a local team might be the best chance of cracking it.”
This acquisition marks the fintech’s second within one year, following its acquisition of Chaka, a Nigerian fintech company, in an undisclosed deal in September 2023.
Moreover, the acquisition will enable Risevest to tap into Kenya’s digital investment market, with a total transaction value projected to reach $2,776 million in 2024.
