In a bid to strengthen its presence across Africa, Nigerian fintech company Rise has acquired Hisa, a Kenyan startup that enables users to invest in local and global markets. TechCabal was the first to report the news. The deal, which was approved by Kenya’s Capital Markets Authority (CMA), marks Rise’s second acquisition within a year and grants the fintech the right to operate in Kenya, one of East Africa’s most dynamic fintech hubs. The acquisition allows Rise to maintain Hisa’s brand, keeping its operations and all staff intact. “We’re not planning to change the Hisa name—it resonates well with Kenyans,” Rise CEO Eke Urum said in an interview with TechCabal. “Our focus is understanding the company and the market we are entering before making any significant changes.” While the financial details of the transaction were not publicly disclosed, sources familiar with the deal said it involved a combination of stock and cash. This move is part of Rise’s broader strategy to expand into key African markets and provide users with access to global investment products. As part of the acquisition, Hisa’s co-founder Eric Jackson will step into the role of Chief Technology Officer (CTO), a position he previously held before becoming CEO. His fellow co-founder, Eric Asuma, who also founded Kenyan Wall Street, will remain involved with Hisa as a strategic advisor after stepping down as CEO. Leah Njoroge, previously a finance associate at Hisa, has been named head of operations, with all seven of Hisa’s employees now reporting to her. “We now have a clear direction on how we will scale over the coming months,” Urum explained. Further leadership hires are expected once operational efficiency improves, although the company plans to take a measured approach to any organizational changes. Hisa’s prominent investors, including Faida, a Kenyan investment bank, and high-profile fintech figures like Chipper Cash co-founders Ham Serunjogi and Majid Moujaled, were actively involved in the acquisition discussions. While it remains unclear whether any investors exited following the acquisition, Urum confirmed that Faida remains an investor in Hisa post-deal. The Kenyan investment space is poised for further innovation and growth, and Rise’s cautious approach to entering the market reflects the company’s intention to build on Hisa’s established brand and local expertise. The Rise-Hisa deal signals a broader trend of increased collaboration between fintech players across the continent. By acquiring a foothold in Kenya, Rise gains access to a rapidly growing fintech ecosystem that is ripe for its range of global investment products. The strategic acquisition of Hisa also positions Rise to compete more effectively with other pan-African fintechs looking to capture a share of East Africa’s tech-savvy investors. As African fintech companies increasingly explore cross-border deals, this acquisition underscores the potential for greater integration of investment platforms across the continent, unlocking more opportunities for financial inclusion and wealth creation.
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