Rise, a Nigerian fintech that provides access to selected global investments, has acquired Hisa, a Kenyan investment startup. This acquisition is Rise’s second of the year. Approved by Kenya’s Capital Markets Authority (CMA), it grants Rise the right to operate in the country.
Despite the acquisition, Hisa will retain its brand, staff, and operations.
“We like the Hisa name because it resonates well with Kenyans, so we have no plans on changing it,” said Rise CEO Eke Urum.
“We are not planning to make a lot of changes; it’s time to understand the company, the culture, and the market that we are coming into.”
Although the financial terms were not disclosed, sources familiar with the deal revealed to TechCabal that it involved a mix of stock and cash.
Hisa’s leadership team is also undergoing some restructuring. Eric Jackson, Hisa’s co-founder and former CTO, will resume his role as Chief Technology Officer, while co-founder Eric Asuma, who stepped down as CEO, will stay on as a strategy advisor.
Leah Njoroge, formerinvestment analyst at Kenyan Wall Street and finance associate at Hisa, has been named head of operations. She will manage Hisa’s seven-person team and report directly to Urum, who will oversee Hisa.
“With these two changes, we have clarity on how we are going to grow in the next few months,” Urum said.
Hisa also plans to add leadership roles once operations improvements are realized. “Then maybe there will be a conversation on bringing external leadership to bolster the team,” Urum added.
Hisa, which was founded in 2020 by Jackson and Asuma, has become a prominent player in Kenya’s investment sector. Investors involved in the acquisition talks include Faida, a Kenyan investment bank, as well as Chipper Cash co-founders Ham Serunjogi and Majid Moujaled.
While Urum did not comment on whether any investors exited Hisa after the acquisition, he confirmed that Faida remains an investor.
