Africa’s Fintech landscape continues to evolve
21st November, 2024
Eric Jackson, cofounder and former CEO of Kenyan Fintech Hisa, has taken an exit from the company shortly after its acquisition by Risevest. Jackson, who transitioned to the role of Chief Technology Officer (CTO) following the acquisition, is leaving to pursue a new venture in the sports industry.
“I’m immensely grateful to every single person who helped turn this vision into reality, and to our early angel investors who took a chance on us before we even launched. You all played a part in making this dream come alive.
On a personal level, this journey has been transformative. From writing code and listening to our users’ stories to sharing our vision with investors and securing partnerships, I’ve poured my heart into this work. The period from January to August 2024, where I managed the app solo to keep it running for our users, was especially challenging. It was intense and often overwhelming, but it taught me resilience, humility, and so much about my own strength.
Now, with Hisa joining the Rise brand, I wish the team continued success and growth. Hisa will always hold a special place in my heart.” Jackson said in his resignation letter.
Jackson founded Hisa in 2020 with Eric Asuma. The fintech quickly established itself in Kenya’s fintech landscape by providing users with access to both local and international stock markets. The platform provided a way to place investment opportunities on a level playing ground, something much needed by many Kenyan investors.
Under Jackson’s leadership, the company achieved key milestones, including obtaining necessary regulatory approvals from the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE) and forming strategic partnerships that facilitated its growth. However, his departure shortly after the acquisition has prompted discussions about potential challenges in the integration process and the future direction of Hisa within Risevest.
In September 2024, Risevest acquired Hisa in a deal approved by Kenya’s CMA, allowing the Nigerian fintech to expand its operations into the Kenyan market. According to the statement from Risevest,
“We are thrilled to announce that Rise has officially acquired Hisa, a Kenyan startup making strides in simplified investment solutions and educational content. This acquisition is essential to our mission to connect as many Africans as possible with the best global wealth-building opportunities while expanding our presence in East Africa.
Hisa’s innovative platform simplifies cross-border investments, making it easier for everyday Africans to access diverse assets like stocks, ETFs, bonds and alternative investments. This perfectly aligns with our goal of empowering you to build and grow your wealth. By bringing Hisa into the Rise family, we’re taking a significant step forward in offering even more diverse and accessible investment options locally and internationally.”
After the acquisition, Hisa retained its brand and operations, with Jackson transitioning to the role of CTO and Asuma becoming a strategy advisor. However, Jackson’s departure shortly after the merger suggests potential challenges in the integration process or differing visions for the company’s future direction.
Jackson will now turn his attention to the Mashuuru Sports Complex, an initiative focused on improving sports infrastructure in East Africa.
“For me, after nine years and four startups across advertising, media, and finance, it’s time for a brief pause—to slow down, breathe, and literally “touch some grass.” In the meantime, you’ll find me at Mashuuru Sports Complex, where we’re building East Africa’s first high-performance, multi-discipline sports complex—another dream I can’t wait to bring to life.” he concluded.
