Nigerian Fintech Rise, Acquires Kenyan firm, Hisa, Expands Market to East Africa

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A Nigerian fintech company, Rise, has completed the acquisition of Hisa, a startup firm in Kenya.

In a statement on Thursday, Eke Urum, CEO of Rise, disclosed the acquisition.

Rise, which provides its clients with access to specific international assets, can now operate in Kenya without requiring any new licenses thanks to this transaction, which was just approved by Kenya’s Capital Markets Authority.

Indeed, Eric Asuma founded Hisa in 2020, at a post-money valuation of US$5 million, obtaining US$250,000 in pre-seed capital from angel investors, including Faida Investment Bank, Estonia-based VC Startup Wise Guys, and Chipper Cash Founders Ham Serunjogi and Majid Moujaled.

Also, Rise was established in 2020 by Eke Urum with the backing from Techstars and Ventures Platform. The cimpany has amassed 600,000 members since then and also purchased Chaka, a different digital trading firm, in September 2023.

According to Urum, the company has no immediate plans to alter Hisa’s structure. “We see value in understanding the company’s dynamics and culture before making any changes,” Urum stressed.

Indications are that continued operations indicate that Hisa, a well-known corporation in the Kenyan stock trading sector, would keep its complete staff and brand identification.

Eric Asuma, co-founder of Hisa, said: “This acquisition aligns perfectly with our shared vision of broadening investment opportunities for Africans.

“This move not only widens Hisa’s reach but will enable significant technology upgrades.

“We are grateful to our early investors who believed in and supported our journey—this milestone is as much theirs as it is ours.”

Eric Jackson, the former CEO of Hisa, will now serve as the company’s chief technology officer (CTO), and Leah Njoroge, a finance associate, will lead operations.