A Nigerian wealth management platform, Risevest to enter Kenya by acquiring fintech company Hisa. Risevest provides its users access to Nigerian stocks and international investments. While Hisa is a Kenyan-based fintech startup that enables users to buy US stocks.
TechCabal reported that the deal, which began in late 2023, is still an ongoing conversation. When the publication contacted the fintech for comments about the acquisition. Eke Urum, Founder and CEO of Risevest stated that the startup is always looking to get into talks with other companies, including Hisa, to find “potential alignments.”
However, Urum noted that no agreement has been reached yet with Hisa. Hisa, on the other hand, has yet to issue any statement. Risevest, backed by Ventures Platform and Techstars, is believed to have about 600,000 users on its platform.
Hisa was valued at $5 million post-money, following $250,000 in pre-seed funding in 2022 from several angel investors.
The fintech startup, which is still relatively new in a sector long dominated by commercial banks with investing subsidiaries, offers Kenyans access to global investing opportunities. Ndovu is one of Hisa’s major competitors.
Hisa, established in 2020 by Eric Asuma, is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE).
Read Also: Peach Payments Acquires Custom Software Development Firm Operativa
By acquiring the Kenyan online stock platform, RiseVest will gain market share in the East African nation without registering a new entity and obtaining new licences from regulators.
One of Risevest’s executives said, “The market is there based on the numbers and I believe working with a local team might be the best chance of cracking it.”
2 Comments
This is a pretty cool page. One of the best posts I’ve come across in quite a while. I hope to see more.
Thank you for finding value in our website and content.
Comments are closed.