Nigerian Fintech RiseVest Acquires Kenyan Startup Hisa in Major Fintech Consolidation
In a significant move highlighting the ongoing consolidation within Africa’s fintech sector, Nigerian investment platform RiseVest has acquired Kenyan wealthtech startup Hisa. Financial terms of the deal were not disclosed.
This acquisition marks RiseVest’s second major purchase, following its acquisition of Nigerian trading platform Chaka in 2023. Founded in 2014, RiseVest has made a name for itself as a digital wealth manager in Nigeria, providing users access to dollar-denominated investments in developed markets.
The platform boasts a user base of 620,000 and has distributed over $42 million in cumulative payouts since its inception.
RiseVest’s expansion has been bolstered by investments from prominent entities such as Flutterwave, Techstars, and ARM, one of Nigeria’s largest fund managers.
Hisa, the newly acquired startup, allows Kenyan investors to access local stocks and fractional shares of U.S. companies. Prior to the acquisition, Hisa was valued at $7.7 million during its latest funding round.
The startup had garnered investments from several notable backers, including Chipper Cash founders Ham Serunjogi and Maijid Moujaled, Tesh Mbaabu of Marketforce, Kenya’s Faida Investment Bank, and Estonia-based StartUp Wise Guys.
Erick Asuma, Hisa’s founder, had stepped down as CEO but remained a significant shareholder before the sale. Asuma is also recognized for founding Kenyan Wall Street, a business and finance news media company.
The acquisition aligns with both companies’ missions to enhance financial inclusion and investment accessibility across Africa. RiseVest aims to connect Africans with global investment opportunities, while Hisa focuses on simplifying investment products for everyday African investors.
This deal comes amidst a period of considerable activity in Africa’s fintech landscape, with companies looking to expand their geographical reach and diversify their offerings. Despite the acquisition, specific plans for integrating Hisa into RiseVest’s operations remain undisclosed.
As the African fintech sector continues to evolve, industry observers will closely monitor how this acquisition impacts RiseVest’s market position and its ability to serve investors across different African markets.
