Afrigather Risevest, the Nigerian fintech startup that provides customers entry to world investments and Nigerian shares, is in talks to amass Hisa, a Kenyan startup that enables customers entry to US shares. If the deal goes by, the acquisition will allow Risevest, based in 2020, to develop to Kenya. It will likely be the Nigerian startup’s second acquisition after it acquired digital buying and selling startup Chaka in September 2023.
“It’s nonetheless an ongoing dialog,” one individual with direct data of the deal stated, with two different sources sharing that talks started in late 2023.
Whereas the phrases of the potential acquisition are unknown, Hisa, which raised $250,000 in pre-seed funding in 2022 from angel traders like Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money.
“We’re at all times discussing with different firms to see the place potential alignments could be created, however for now, nothing is concrete with Hisa but,” Eke Urum, Risevest’s founder and CEO, informed TechCabal in an announcement.
Hisa didn’t instantly reply to a request for feedback.
Buying Hisa will permit RiseVest to realize market share in Kenya with out registering a brand new entity and acquiring new licences. Based in 2020 by Eric Asuma, Hisa is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Trade (NSE). Fintechs that provide world investing alternatives to Kenyans are comparatively new, with Hisa and Ndovu being essentially the most seen, with the market lengthy dominated by business banks that usually have investing arms.
“The market is there primarily based on the numbers and I imagine working with an area group is perhaps one of the best likelihood of cracking it,” a RiseVest government who requested to not be named so he may converse freely informed TechCabal.
Risevest is backed by Ventures Platform and Techstars and is believed to have round 600,000 customers.
Have you ever received your early-bird tickets to the Moonshot Convention? Click on this hyperlink to seize ’em and take a look at our fast-growing listing of audio system coming to the convention!
