By Milcah Tanimu
Nigerian fintech startup Risevest, known for offering users access to global and Nigerian investments, is in discussions to acquire Hisa, a Kenyan startup providing access to US stocks. If successful, this acquisition will mark Risevest’s second expansion move following its acquisition of digital trading startup Chaka in September 2023.
Sources indicate that conversations about the deal began in late 2023 and are ongoing. While specific terms remain undisclosed, Hisa, which secured $250,000 in pre-seed funding in 2022, was valued at $5 million post-money.
Eke Urum, Risevest’s founder and CEO, commented, “We’re always discussing with other companies to see where potential alignments can be created, but for now, nothing is concrete with Hisa yet.”
Hisa, founded in 2020 by Eric Asuma, is licensed by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). The acquisition would allow Risevest to penetrate the Kenyan market without the need for new entity registration and licenses. Hisa and Ndovu are notable players in the relatively new fintech space in Kenya, traditionally dominated by commercial banks.
A Risevest executive, speaking anonymously, highlighted the potential market opportunities, stating, “The market is there based on the numbers and I believe working with a local team might be the best chance of cracking it.”
