NAIROBI, Kenya- Nigerian fintech startup Rise has officially acquired Kenya’s Hisa, marking its entry into the East African market.
Rise, known for enabling users to invest in US dollar-denominated stocks and securities, aims to broaden its footprint with this acquisition, targeting Africa’s growing appetite for digital investments.
Meanwhile, Hisa has made its mark by offering local and global investment opportunities, including stocks, ETFs, bonds, and alternative assets, to Africans.
With approval from Kenya’s Capital Markets Authority (CMA), Rise’s acquisition of Hisa signals a major step forward for both companies. Importantly, Hisa will maintain its brand and current operations, ensuring continuity for its user base.
Rise CEO Eke Urum emphasized the value of Hisa’s brand in the Kenyan market, stating, “It resonates well with Kenyans, so we have no plans to change the name.”
The fintech, which was co-founded by Urum, Bosun Olanrewaju, and Tony Odiba in 2019, is taking a deliberate approach, focused on understanding the culture and market before making significant changes.
This is Rise’s second major acquisition within a year, following its purchase of the Nigerian digital trading platform Chaka in September 2023.
With over 620,000 users across its platforms, Rise is positioning itself as a leader in Africa’s burgeoning digital investment space .
Hisa, which was co-founded in 2020 by Eric Jackson and Eric Asuma, has been a key player in Kenya’s investment landscape.
The startup raised $250,000 in pre-seed funding and reached a post-money valuation of $5 million. Following the acquisition, Jackson has taken on the role of chief technology officer (CTO), a position he held previously before Asuma stepped down.
The acquisition comes at an opportune time, as Kenya’s digital investment market is poised for significant growth.
According to data from Statista, the market is projected to reach a total transaction value of $2.776 million by 2024.
This underscores the untapped potential for fintech ventures like Rise and Hisa, which are well-positioned to take advantage of the rising demand for cross-border investments in Africa.
