Climate tech startup Rivy launches solar equipment marketplace to tackle upfront barriers

Rivy, a Nigerian startup that focuses on clean energy financing, has launched EnergyStack, an online storefront offering verified solar gear. The platform lists solar panels, batteries, inverters, and more—all sourced from trusted manufacturers and verified vendors. Users can either pay upfront or apply for credit.

This launch follows Rivy’s rebrand four months ago from Payhippo, marking a full pivot from SME lending to clean energy. The shift was backed by $4 million in funding, co-led by EchoVC and All-On, plus additional debt from local institutions.

CEO Dami Olawoye said the pivot was driven by rising demand for solar in underserved markets and the financing gaps faced by both users and installers. “We expanded to asset financing to help small businesses afford solar systems and installers purchase equipment in bulk,” he said.

Before the rebrand, Payhippo focused on small business loans. But as demand for affordable, clean energy grew—climate tech became more attractive. By September 2024, clean energy startups in Africa had raised over $413 million, outpacing fintech as the top-funded sector.

EnergyStack tackles one of Nigeria’s biggest solar problems: trust. Cheap, low-quality solar gear has flooded the market. Some products fail early. Others are unsafe. That has slowed adoption, especially in areas where energy needs are urgent.

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Rivy’s storefront only lists original, quality-tested products. Everything is vetted before being sold. “EnergyStack connects people to original, verified products,” the company said. That helps installers finish jobs reliably, while buyers avoid counterfeits and replacements.

At the heart of Rivy’s model is a proprietary loan underwriting engine, which has helped the company maintain a non-performing loan ratio below 1%. In 2024 alone, Rivy disbursed $2 million in loans, growing its loan book by 15% monthly—despite the high upfront cost of solar solutions.

Its tailored loan packages are built around each business’s power needs, logistics, and installation costs. Interest rates start at 12% for three-month terms, with an upfront deposit of at least 30% required to access financing.

Rivy is also funding solar micro-grids, helping to power entire business clusters and underserved communities. While SMEs remain its core focus, the company is now expanding into consumer financing.

With plans to deepen its footprint in Nigeria and expand into new markets, Rivy is positioning itself as a clean energy lender at the centre of Africa’s energy transition.