Payhippo, a Nigerian fintech known for its SME lending, has rebranded to Rivy and secured $4 million in a pre-Series A funding round to focus on expanding clean energy financing across Africa. The capital injection will enable Rivy strengthen partnerships with renewable energy providers and develop the financial infrastructure needed to promote access to sustainable energy solutions.
The funding, led by climate-focused investors All On and EchoVC Eco, comprises $2 million in debt and $2 million in equity, signaling strong investor confidence in Rivy’s new direction.
“Renewable energy is not just a necessity for today, but an investment in Africa’s future. With over 600 million people in sub-Saharan Africa lacking access to reliable electricity, clean energy solutions are crucial to driving economic growth, improving livelihoods, and combating climate change,” said Dami Olawoye, CEO of Rivy. “We’re excited to embark on this new chapter as Rivy and continue driving Africa’s clean energy transition.”
The rebrand reflects Rivy’s strategic shift from SME lending to clean energy financing, initiated in 2023. This transition addresses the critical energy deficit in sub-Saharan Africa, where half the population lacks electricity access, and those connected face exorbitant costs.
Rivy provides affordable financing options to individuals, households, and businesses seeking to transition to renewable energy. The company has already financed thousands of end-users and vendors of clean-tech equipment, offering solar micro-grids with debt financing and access to carbon markets.
“Rivy empowers individuals and SMEs with the financing needed to adopt solar power. Such financing is crucial for accelerating the adoption of clean energy in underserved and unserved communities across Nigeria,” said Oluseye Bassir, Investment Manager at All On.
“The market potential for solar power in Nigeria is immense. With Rivy’s commitment to achieving its set objectives, the enormous market potential for solar energy in Nigeria can be substantially realised.
Rivy plans to use the new funding to scale its operations, increase loan disbursements, and drive economic development while reducing carbon emissions.
“We’re thrilled to back Rivy as they scale their efforts in Nigeria’s renewable energy sector. Rivy’s approach is exactly what Africa needs to address its energy access challenges, syndicate reach to households and businesses, and build a sustainable, low-carbon future,” said Taiwo Ketiku, Principal at EchoVC Eco.
