Rise, a Nigerian fintech company, has acquired Hisa, an investment startup in Kenya. The acquisition was approved by Kenya’s Capital Markets Authority (CMA) and gives Rise the green light to operate in Kenya. Post-acquisition, Hisa will retain its brand and operations, including its staff.
Following the acquisition, Hisa CEO Eric Jackson will become the Chief Technology Officer (CTO), a position he previously held before Eric Asuma, Hisa’s co-founder and then CEO, stepped down. Asuma, the founder of the Kenyan Wall Street publication, co-founded Hisa with Jackson in 2020, and will stay on as a strategy advisor.
Leah Njoroge, a former investment analyst at Kenyan Wall Street and finance associate at Hisa, is now the company’s Head of Operations. All seven Hisa employees will report to her. Njoroge will report directly to Rise CEO Eke Urum, who will now oversee Hisa as part of his wider portfolio of acquired startups.
Hisa investors including Faida Investment Bank and Ham Serunjogi, and Majid Moujaled of Chipper Cash, were involved in the acquisition talks.
In his comments following the acquisition of Hisa, Rise CEO Eke Urum said, “We like the Hisa name because it resonates well with Kenyans so we have no plans on changing it. We are not planning to make a lot of changes; it is time to understand the company, the culture, the context, and the market that we are coming into. With these two changes, we have some clarity on how we are going to grow in the next few months. Then maybe there will be a conversation on bringing external leadership to bolster the team. Otherwise, everything remains the same.”