Hisa, a Kenyan startup that facilitates stock trading has been acquired by a Nigerian investment company, giving the West Africans quick access to the Kenyan market.
Rise, the Nigerian global investments startup, is reported to have completed the takeover of Hisa, the second in under one year.
The acquisition, whose value has not been disclosed but understood to be in the hundreds of millions of shillings, gives Rise an opportunity to operate within the Kenyan market without obtaining new licences given that Hisa is already approved by industry regulator, the Capital Markets Authority (CMA).
According to the deal, Hisa will retain its brand name, management, and staff to allow seamless operations because the “acquired company is well-versed in the peculiarities of the local market.”
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Hisa’s former CEO, Mr Eric Jackson, will now assume the role of Chief Technology Officer (CTO) and Hisa’s Finance Associate, MsLeah Njoroge, will take over as Head of Operations, under the new ownership.
“This acquisition aligns perfectly with our shared vision of broadening investment opportunities for Africans,” says Mr Eric Asuma, Co-founder of Hisa. “This move not only widens Hisa’s reach but will enable significant technology upgrade. We are grateful to our early investors who believed in and supported our journey—this milestone is as much theirs as it is ours.”
Hisa was founded in 2020 by Eric Asuma and raised $250,000 in pre-seed funding from angel investors such as Faida Investment Bank, Estonia based VC Startup Wise Guys, Chipper Cash Founders Ham Serunjogi and Majid Moujaled – at a post money valuation of $5 million.
“We are not planning to make a lot of changes,” Rise CEO, Mr Eke Urum said. “It is time to understand the company, the culture, the context, and the market that we are coming into,”
Rise was also founded in 2020 by Eke Urum, supported by Ventures Platform and Techstars, and has since then grown to 600,000 users. In September 2023, it also acquired another digital trading startup called, Chaka.
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