Nigerian fintech Risevest has officially acquired Hisa, a Kenyan investment startup, after receiving approval from Kenya’s Capital Markets Authority (CMA). This acquisition allows Risevest to expand its operations into Kenya while Hisa retains its brand, staff, and operations.
Hisa’s CEO, Eric Jackson, will now take on the role of Chief Technology Officer (CTO), while co-founder Eric Asuma will serve as Strategy Advisor. Leah Njoroge, previously Hisa’s Finance Associate, will become the Head of Operations, reporting directly to Risevest CEO Eke Urum.
Although there are no immediate plans to change Hisa’s name, Risevest aims to gain a deeper understanding of the Kenyan market and potentially bring in new leadership to support the team. The transaction was reportedly a mix of stock and cash, though financial details were not fully disclosed.
Hisa was valued at $5 million following a $250,000 pre-seed funding round, and Risevest’s acquisition is aligned with its strategy of expanding African investment opportunities. This marks Risevest’s second acquisition in a year, following the purchase of Nigerian fintech Chaka in September 2023.
This move enables Risevest to enter Kenya’s growing digital investment market, projected to reach a transaction value of $2.776 million in 2024.
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