Rise, a Nigerian fintech that gives customers access to selected global investments, has acquired Hisa, a Kenyan investment startup.
The acquisition, was approved by Kenya’s Capital Markets Authority (CMA) and gives Rise the right to operate in Kenya.
Hisa investors, including ;
- Faida, a Kenyan investment bank,
- Ham Serunjogi, and Majid Moujaled, co-founders of Chipper Cash,
were involved in the acquisition talks.
Post Acquisition Changes
According to Rise’s CEO, Eke Urum, the acquisition is not coming with a lot of changes. Hisa will retain its brand and operations, including its staff.
“We like the Hisa name because it resonates well with Kenyans so we have no plans on changing it,” the CEO said.
“We are not planning to make a lot of changes; it is time to understand the company, the culture, the context, and the market that we are coming into.”
Hisa’s CEO Eric Jackson will become chief technology officer (CTO),
Eric Asuma, Hisa’s co-founder and Founder of Kenyan Wall Street, will stay on board as a strategy advisor.
Leah Njoroge, a former investment analyst at Kenyan Wall Street and finance associate at Hisa, has been named head of operations. All seven Hisa employees will report to her.
Eke Urum, will now oversee Hisa as part of his portfolio of acquired startups.
Hisa may hire additional leaders later on, but not until it has recorded operational growth and improvements.
CEO Eke “With these two changes, we have some clarity on how we are going to grow in the next few months,” Eke said.
“Then maybe there will be a conversation on bringing external leadership to bolster the team. Otherwise, everything remains the same.” he added.
About Hisa
Hisa is an investment startup that helps Africans to easily invest in both local and global assets including stocks, ETFs, bonds and alternative investments.
Eric Asuma, the founder of the business publication, Kenyan Wall Street, co-founded Hisa in 2021 with Eric Jackson and Eunice Thairu.
With headquarters in Nairobi, Hisa us backed by Africa’s top angels, accelerators and VCs, including ;
Faida Investment Bank ,
Startup Wise Guys,
Proximity Ventures, and
Nomadi
