Nigerian fintech startup Risevest (Rise) has acquired Kenyan mobile investment platform Hisa, which allows anyone in Kenya to invest in US stocks and ETFs through mobile money.

The completion of the acquisition comes following a Capital Markets Authority (CMA) approval giving the Nigerian investment firm the go-ahead start operating in Kenya.

Hisa is set to retain its staff, operations and brand for continuity as Hisa CEO Eric Jackson becomes Chief Technology Officer and co-founder Eric Asuma will be Strategy Advisor.

Similarly, Hisa Finance Associate Leah Njoroge will be Head of Operations reporting directly to Risevest CEO Eke Urum, who now oversees Hisa as part of his acquired startups portfolio.

According to Asuma, the acquisition of Hisa by the Nigerian investment firm is well aligned with the Kenyan company’s ambition to widen investment opportunities for all Africans.

“The Hisa team, including its founders Eric Asuma and Eric Jackson remain on the team and Faida Investment Bank continues to be our investment partner,” said Hisa in a statement.

Hisa also indicated that it had ensured that Kenyan regulators and all relevant stakeholders were fully kept abreast on the discussions surrounding the acquisition.

“We would love to assure our clients that what you can expect from this partnership is increased access to global offerings, better and smoother experience on local offerings, and more investment into the team, product and operations of Hisa in order to deliver a solid investment experience and to better support your investment goals as Hisa customers,” Hisa assured.

Risevest is a stock investment venture seeking to connect users to US stocks while Hisa enables Africans to purchase global stocks, ETFs, bonds and other alternative investments.

Eric Asuma founded Hisa in 2020 and raised $250,000 in pre-seed funding from angel investors like Faida Investment Bank, VC Startup Wise Guys of Estonia, Chipper Cash Founders, Ham Serunjogi and Majid Moujaled, with a post money valuation of $5 million.