Rise, a Nigerian fintech that gives customers access to selected global investments, has acquired Hisa, a Kenyan investment startup. The acquisition, the second for Rise in under a year, was approved by Kenya’s Capital Markets Authority (CMA) and gives Rise the right to operate in Kenya. Post-acquisition, 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,” Rise CEO Eke Urum told TechCabal. “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.”
While Rise declined to share transaction details, one person with knowledge of the transaction told TechCabal the deal involved a mix of stock and cash.
Hisa CEO Eric Jackson will become chief technology officer (CTO), a position he previously held before Eric Asuma, Hisa’s co-founder and then CEO, stepped down. Asuma, the founder of the business publication Kenyan Wall Street, co-founded Hisa with Jackson in 2020 and will stay on 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. Njoroge will report directly to Urum, who will now oversee Hisa as part of his wider portfolio of acquired startups.
“With these two changes, we have some clarity on how we are going to grow in the next few months,” Eke said.
Hisa plans to hire additional leaders once it starts seeing operational improvements. “Then maybe there will be a conversation on bringing external leadership to bolster the team. Otherwise, everything remains the same.”
Hisa investors, including Faida, a Kenyan investment bank, Ham Serunjogi, and Majid Moujaled, co-founders of Chipper Cash, were involved in the acquisition talks.
Eke declined to comment on whether any of the investors left Hisa post-acquisition, although he confirmed that Faida is still an investor.
