One of Nigeria’s leading global business startups has made its second acquisition in less than a year after acquiring Hisa, a Kenyan startup that promotes social justice.
Erick Asuma, the Co-founder of Hisa stated that the acquisition aligns with their shared vision of expanding investment opportunities for the people. This move will not only expand Hisa’s business but will also enable significant technological advancement. We thank our early investors for their trust and support in our journey; it means as much to them as it does to us.
The financial details of the deal were not publicly disclosed, people familiar with the deal said it involved a mix of stock and cash. The move is part of Rise’s broader strategy to expand into key markets in Africa and offer clients a global presence.
Founded in 2020 by Eric Asuma, Hisa has raised $250,000 in pre-seed funding from investors including Faida Investment Bank, Estonia-based VC Startup Wise Guys, Chipper Cash founders Ham Serunjogi and Majid Moujaled Tus. It is valued at $5 million.
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The latest acquisition of Hisa will allow Rise to do business in Kenya without needing a new license. Hisa will retain its name, management and employees for peace.
Rise was founded in 2020 by Eke Urum and backed by Ventures Platform and Techstars and has since grown to 600,000 users. It also acquired another digital marketing startup called Chaka in September 2023Kenya’s investment landscape is expected to continue to see innovation and growth, and Rise’s cautious approach to entering the market reflects the company’s intention to develop Hisa’s design and expertise locally.
Rise’s deal with Hisa is part of an expanding network of fintech players across the continent. By establishing a presence in Kenya, Rise has gained access to a fast-growing fintech ecosystem ripe for its global offering. Hisa’s award-winning strategy also allows Rise to compete more effectively with other leading African fintech companies looking to capture one of East Africa’s tech-savvy investors.
As African fintech companies increasingly explore cross-border, this acquisition demonstrates the potential to further integrate resources across the globe, providing better opportunities for accounting and financial planning.
Going forward, Hisa CEO Eric Jackson will serve as chief technology officer (CTO), the position held by Hisa founder and CEO Eric Asuma before his resignation.
