Risevest Eyes Kenyan Market with Hisa Acquisition Discussions
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Risevest, the Nigerian fintech startup that provides access to global investments and Nigerian stocks, is in discussions to acquire Hisa, a Kenyan startup offering access to US stocks. If successful, the acquisition will allow Risevest, founded in 2020, to expand into Kenya. This would mark Risevest's second acquisition, following its purchase of digital trading startup Chaka in September 2023.
According to a source with direct knowledge of the matter, discussions are ongoing, with two other sources indicating that talks began in late 2023. While the terms of the potential deal remain undisclosed, Hisa, which secured $250,000 in pre-seed funding in 2022 from investors such as Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money.
Eke Urum, Risevest's founder and CEO, commented, “We’re always in discussions with other companies to explore potential alignments, but nothing is concrete with Hisa yet.”
The acquisition would enable Risevest to enter the Kenyan market without the need to register a new entity or obtain new licenses. Founded in 2020 by Eric Asuma, Hisa is licensed by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). In Kenya, fintechs offering global investment opportunities, like Hisa and Ndovu, are relatively new, with the market traditionally dominated by commercial banks with investment arms.
Source: Osamu Ekhator / TechCabal
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