Risevest, the Nigerian fintech startup that gives users access to global investments and Nigerian stocks, is in talks to acquire Hisa, a Kenyan startup that allows users access to US stocks. If the deal goes through, the acquisition will enable Risevest, founded in 2020, to expand to Kenya. It will be the Nigerian startup’s second acquisition after it acquired digital trading startup Chaka in September 2023.
“It’s still an ongoing conversation,” one person with direct knowledge of the deal said, with two other sources sharing that talks began in late 2023.
While the terms of the potential acquisition are unknown, Hisa, which raised $250,000 in pre-seed funding in 2022 from angel investors like Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money.
“We’re always discussing with other companies to see where potential alignments can be created, but for now, nothing is concrete with Hisa yet,” Eke Urum, Risevest’s founder and CEO, told TechCabal in a statement.
Hisa did not immediately respond to a request for comments.
Acquiring Hisa will allow RiseVest to gain market share in Kenya without registering a new entity and obtaining new licences. Founded in 2020 by Eric Asuma, Hisa is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). Fintechs that offer global investing opportunities to Kenyans are relatively new, with Hisa and Ndovu being the most visible, with the market long dominated by commercial banks that often have investing arms.
“The market is there based on the numbers and I believe working with a local team might be the best chance of cracking it,” a RiseVest executive who asked not to be named so he could speak freely told TechCabal.
Risevest is backed by Ventures Platform and Techstars and is thought to have around 600,000 users.
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