Rise, a Nigerian fintech, has acquired Kenyan investment startup Hisa. The CMA approved the deal, allowing Rise to enter Kenya’s investment market.
Hisa, which allows users to buy fractions of popular Kenyan, US, UK, and EU stock markets, will continue to operate under its established brand.
Rise CEO Eke Urum emphasized the importance of maintaining the Hisa name, stating that it resonates well with Kenyans, “We have no plans on changing it.”
Urum expressed a commitment to understanding the existing company culture and market dynamics before implementing any significant changes.
While specific financial details of the acquisition remain undisclosed, sources familiar with the transaction revealed that the deal involved a combination of stock and cash.
Hisa’s co-founder and former CEO, Eric Asuma, who also founded the business publication Kenyan Wall Street, will transition to a strategy advisor role, while Eric Jackson, the former CTO, will resume his position as Chief Technology Officer.
Leah Njoroge, previously an investment analyst at Kenyan Wall Street and finance associate at Hisa, has been appointed as the new head of operations.
Njoroge will oversee the seven-member Hisa team and report directly to Urum, who will manage Hisa as part of his broader portfolio of acquired startups.
With these leadership changes, Urum is optimistic about the future staing that the two changes, they have some clarity on how they are going to grow in the next few months.
Hisa plans to expand its leadership team once it begins to see operational improvements.
Then maybe there will be a conversation on bringing external leadership to bolster the team. Otherwise, everything remains the same.
The acquisition discussions involved several key Hisa investors, including Faida, a Kenyan investment bank, and Chipper Cash co-founders Ham Serunjogi and Majid Moujaled.
While Urum did not disclose whether any investors exited Hisa following the acquisition, he confirmed that Faida continues to hold its investment in the startup.
