Nigerian fintech firm Rise has acquired Kenyan investment platform Hisa, expanding its presence in East Africa.
This acquisition, recently sanctioned by Kenya’s Capital Markets Authority, allows Rise to operate in Kenya without needing additional licences.
Hisa, a well-established company in the Kenyan stock trading market, will maintain its brand identity and retain its entire workforce, signalling a continuity in operations.
Eke Urum, CEO of Rise, said 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 commented.
He noted that the Hisa brand aligns strongly with the Kenyan audience, and this will remain a key asset as Rise integrates the startup into its portfolio.
The terms of the acquisition were not publicly disclosed, though insiders suggest a combination of stock and cash was involved. Hisa’s co-founder, Eric Jackson, will now transition into the role of Chief Technology Officer (CTO), a position he previously held, while his fellow co-founder, Eric Asuma, who also founded the Kenyan Wall Street, will continue as a strategic advisor.
Leah Njoroge, formerly an investment analyst and finance associate, has been promoted to head operations, reporting directly to Urum.
Strengthening its foothold in the Kenyan market, Rise plans to focus initially on understanding its new acquisition’s operational structure before considering external leadership hires. “We will look at leadership once we’ve seen improvements in operations,” said Urum, highlighting a cautious approach to making significant changes.
Hisa, which was founded in 2020, has garnered support from investors such as Faida Investment Bank, alongside Ham Serunjogi and Majid Moujaled, co-founders of Chipper Cash. While Urum did not comment on whether all existing investors will remain, he confirmed that Faida continues to back the company.
For Rise, this acquisition is its second within the past year, following its takeover of digital trading platform Chaka in 2023.
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