Nigerian fintech startup enabling access to global investments and Nigerian stocks, Risevest is currently in negotiations to acquire Hisa, a Kenyan startup facilitating access to US stocks.
Should the acquisition proceed, it would mark Risevest’s expansion into the Kenyan market, following its acquisition of Chaka, a digital trading startup, in September 2023.
According to sources familiar with the matter, discussions regarding the acquisition began in late 2023 and are ongoing. While specific terms of the potential deal remain undisclosed, Hisa, which secured $250,000 in pre-seed funding in 2022 from investors such as Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money.
Eke Urum, founder and CEO of Risevest, acknowledged ongoing talks with Hisa, emphasizing that no definitive agreement has been reached yet. Hisa, on the other hand, has not yet responded to requests for comment on the matter.
Acquiring Hisa would allow Risevest to expand its market presence in Kenya without the need to establish a new entity or obtain additional licenses. Founded in 2020 by Eric Asuma, Hisa is licensed by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). The fintech sector in Kenya, particularly those offering global investment opportunities, is relatively nascent, with Hisa and Ndovu standing out against a backdrop historically dominated by commercial banks with investment arms.
“There is potential in the market based on the numbers, and collaborating with a local team could enhance our chances of success,” commented a Risevest executive, speaking anonymously to TechCabal.
Backed by Ventures Platform and Techstars, Risevest is estimated to serve approximately 600,000 users, underscoring its position as a key player in the fintech space aiming for regional expansion and market growth.
