Nigerian Fintech Payhippo Rebrands As Rivy And Raises $4 Million To Improve Clean Energy Financing In Africa

The Nigerian fintech Payhippo, which previously provided SME loans, has rebranded to RIVY and raised $4 million in a pre-Series A funding round to focus on increasing clean energy financing in the continent. The funding was split between $2 million equity and $2 million debt.

The seed round was co-led by EchoVC, a Nigerian venture capital (VC) firm through its $2.5 million Eco fund, which focuses on climate, energy, agriculture, and mobility solutions, and Shell’s All On, a climate-focused impact investment organization. Local debt providers supplied the debt.

“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,” Dami Olawoye, CEO of Rivy, said.

Rivy’s moving from SME lending to clean energy financing

The rebrand highlights Rivy’s strategic transition from SME lending to clean energy financing, which was initiated in 2023, according to Condia.

There’s a critical energy deficit in sub-Saharan Africa, as half the population does not have electricity access, and those who do pay exorbitant costs. The company plans to use the funding to expand its operation, grow loan disbursements, and drive economic development while lessening carbon emissions.

“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,” Oluseye Bassir, Investment Manager at All On, says.

Providing Africans with electricity access at affordable rates

This move will help Africans access functioning electricity at affordable rates by offering financing options to households and businesses looking to shift to renewable energy. So far, the company has already helped thousands of end-users and vendors of clean-tech equipment and given users solar microgrids with debt financing and access to carbon markets.

Techcabal reported that since moving to clean energy financing, Rivy has seen significant requests from businesses despite the high cost of solar systems. It paid out $2 million in loans to businesses and grew its loan book at an average of 15% per month in 2024, as stated by Olawoye.

Image: Rivy