Nigerian fintech Risevest in talks to acquire with Kenya's Hisa

STARTUP VENTURE CAPITALJuly 26, 2024 at 4:48 PM UTC

TLDR

Nigerian wealth management platform Risevest set to acquire Kenyan fintech startup Hisa, expanding into Kenya market with US stocks access.
Risevest aims for second acquisition after purchasing Chaka, a digital trading startup, in September 2023.
Move coincides with Bamboo's entry into South Africa's online stock market, signaling increased competition in the African fintech space.

Risevest, a Nigerian wealth management platform that offers access to Nigerian stocks and international investments, is reportedly planning to acquire Hisa, a Kenyan-based fintech startup that allows users to buy US stocks.

If the Nigerian-born fintech, established in 2014, completes this deal, it will expand its operations to Kenya and mark its second acquisition since buying Chaka, a digital trading startup, in September 2023.

This development follows nearly a month after Bamboo, another Nigerian online stock platform, began operations in South Africa. TechCabal reported that the discussions, which began in late 2023, are still ongoing.

Key Takeaways

Like Daba, startups such as Risevest and Hisa are driving financial inclusion by making investment opportunities accessible to a broader audience in Africa. Half of Africa's population have smartphones, are aged between 14-45 years old, and amasses billions of dollars in annual savings. These platforms tap into this market to help their population protect wealth, especially from their respective volatile currencies. Of particular note is Nigeria.

M&A

Risevest

Hisa

Chaka

Digital Investment Platforms

Acqusition

Startups

Fintech