Nigerian global investment platform Rise has successfully completed its acquisition of Hisa, a Kenyan startup that specializes in stock trading, marking Rise’s second major acquisition in less than a year. The deal grants Rise access to the Kenyan market, allowing it to operate without seeking new licenses, thanks to Hisa’s approval by local regulators.
Hisa will maintain its brand name, leadership, and staff to ensure seamless operations, leveraging its deep understanding of the Kenyan market. Eric Jackson, Hisa’s former CEO, will now step into the role of Chief Technology Officer (CTO), while Finance Associate Leah Njoroge has been appointed as Head of Operations.
“This acquisition perfectly aligns with our shared vision to broaden investment opportunities for Africans. It will expand Hisa’s reach and enable a significant technology upgrade. We owe this milestone to our early investors who believed in our mission from the start,” said Hisa co-founder Eric Asuma.
Echoing this sentiment, Rise CEO Eke Urum stated, “We’re not planning any major changes just yet. Our priority is to understand the company, the culture, and the market we are entering.”
Founded in 2020 by Eric Asuma, Hisa gained early support from investors like Faida Investment Bank, Estonia-based VC Startup Wise Guys, and Chipper Cash founders Ham Serunjogi and Majid Moujaled. In a pre-seed round, Hisa raised $250,000, securing a post-money valuation of $5 million.
Rise, also founded in 2020 by Eke Urum, has rapidly grown to 600,000 users. Supported by Ventures Platform and Techstars, Rise had previously acquired digital trading startup Chaka in September 2023, further expanding its presence in the African fintech landscape.