In recent news, a Nigerian fintech company specializing in providing access to global investments, has successfully acquired a Kenyan investment startup called Hisa. This acquisition marks Rise’s second acquisition within a year and has been approved by Kenya’s Capital Markets Authority, allowing Rise to expand its operations into Kenya. Post-acquisition, Hisa will retain its brand and operations, including its existing staff.
The CEO of Rise, Eke Urum, expressed a desire to keep the Hisa brand intact as it resonates well with Kenyan customers. While specific details of the transaction were not disclosed, it was mentioned that the deal involved a combination of stock and cash.
Following the acquisition, Hisa’s CEO Eric Jackson will transition into the role of Chief Technology Officer (CTO), a position he previously held before the former CEO stepped down. Leah Njoroge, a former investment analyst, has been appointed as the head of operations, overseeing the existing team of seven employees.
Hisa’s future plans include hiring additional leaders to drive operational improvements, with a possibility of bringing in external leadership to strengthen the team. Key investors in Hisa, including Faida, a Kenyan investment bank, and co-founders of Chipper Cash, were involved in the acquisition discussions. While details about investor retention post-acquisition were not disclosed, Faida was confirmed to remain an investor.
The acquisition sets the stage for growth and expansion for Rise and Hisa, with a focus on maintaining the existing brand and operations while strategically enhancing the team for future endeavors.