In a move that underscores the growing consolidation within Africa’s fintech sector, Nigerian investment platform RiseVest acquires Kenyan Startup Hisa, a wealthtech startup.
The deal, for which financial terms were not disclosed, marks RiseVest’s second acquisition following its purchase of Nigerian trading platform Chaka in 2023.
RiseVest, founded in 2014, has established itself as a digital wealth manager in Nigeria, offering users access to dollar-denominated investments in developed markets.
The company reports a user base of 620,000 and cumulative payouts exceeding $42 million since its inception.
RiseVest’s growth has been supported by investments from notable entities including Flutterwave, Techstars, and ARM, one of Nigeria’s largest fund managers.
Hisa, the acquisition target, enables Kenyan investors to access local stocks and fractional shares of U.S. companies. Prior to the acquisition, Hisa was last valued at $7.7 million during its most recent funding round.
The startup had attracted investments from several prominent 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 known for founding Kenyan Wall Street, a separate business and finance news media company.
This acquisition aligns with both companies’ stated missions of increasing 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.
The deal comes at a time of significant activity in Africa’s fintech landscape, with companies seeking to expand their geographical footprint and diversify their offerings.
However, the specific plans for integrating Hisa into RiseVest’s operations remain undisclosed.
As the African fintech sector continues to evolve, and RiseVest acquires Kenyan startup Hisa, industry observers will be watching closely to see how this acquisition impacts RiseVest’s market position and its ability to serve investors across different African markets.
