Grace Ashiru
Risevest, the Nigerian fintech startup known for providing users access to global investments and Nigerian stocks, is currently in negotiations to acquire Hisa, a Kenyan startup that offers users access to US stocks. If successful, this acquisition will facilitate Risevest’s expansion into Kenya. Founded in 2020, this will mark Risevest’s second acquisition following its purchase of the digital trading startup Chaka in September 2023.
“It’s still an ongoing conversation,” stated a person with direct knowledge of the deal, while two other sources indicated that discussions commenced in late 2023.
Although the terms of the potential acquisition remain undisclosed, Hisa, which secured $250,000 in pre-seed funding in 2022 from angel investors such as Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money.
“We’re always in discussions with other companies to explore potential alignments, but as of now, nothing is finalized with Hisa,” Eke Urum, the founder and CEO of Risevest, told TechCabal in a statement.
Hisa did not immediately respond to a request for comment.
Acquiring Hisa would enable Risevest to expand its market share in Kenya without the need to register a new entity or obtain additional licenses. Hisa, founded in 2020 by Eric Asuma, is licensed by both the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE).
The fintech market in Kenya, which offers global investing opportunities, is relatively new. Hisa and Ndovu are among the most prominent players, in a market traditionally dominated by commercial banks with their own investing arms.
“The market potential is evident from the numbers, and collaborating with a local team may be our best opportunity to succeed,” a RiseVest executive, who requested anonymity to speak candidly, told TechCabal.
RiseVest is supported by Ventures Platform and Techstars and is estimated to have approximately 600,000 users.
