Nigerian fintech startup Risevest, which offers users access to global investments and Nigerian stocks, is in talks to acquire Hisa, a Kenyan startup that allows users access to US stocks.
A successful acquisition will enable Risevest, founded in 2020, to expand to Kenya. This deal will also be Risevest’s second acquisition after it acquired digital trading startup Chaka in September 2023.
According to TechCabal, a source close to the deal has confirmed that “It’s still an ongoing conversation.”
Hisa, established in 2020 by Eric Asuma, is a fintech startup which offers Kenyans access to global investing opportunities. The company is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). Hisa is valued at about $5 million, following $250,000 in pre-seed funding from several angel investors in 2022.
Hence, 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.”
