Startup Lagos

28-Mar-2025

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From Payhippo to Rivy: A Bold Rebrand with $4M Pre-Series A Funding 4 weeks ago

Rivy, an AI-powered lender dedicated to Africa's renewable energy sector, has announced its official rebranding from Payhippo alongside the successful closure of a US$4 million pre-Series A funding round. This financing includes US$2 million in debt and US$2 million in equity, with support from climate-focused investors such as All On and EchoVC Eco.

The newly acquired funding will bolster Rivy's mission to enhance access to clean energy solutions in Nigeria and beyond. Since its establishment in 2019, the company has transformed from an AI-driven lender for small and medium-sized enterprises (SMEs) to a pivotal force in financing renewable energy solutions across the nation.

The rebranding to Rivy reflects this significant evolution and represents the company's future aspirations. Inspired by the ancient Hindi word for "sunlight" and "brilliance," the name Rivy symbolizes its commitment to illuminating Africa's path toward a cleaner, more sustainable future.

"Renewable energy is not just a necessity for today; it is an investment in Africa's future. With over 600 million people in sub-Saharan Africa lacking access to reliable electricity, clean energy solutions are vital for driving economic growth, improving livelihoods, and combating climate change," said Dami Olawoye, Chief Executive Officer of Rivy. "I want to thank our customers for their trust, our Rivy team for their relentless dedication, and our investors for their confidence in our mission. We're excited to embark on this new chapter as Rivy and continue to drive Africa's clean energy transition."

In sub-Saharan Africa, where traditional electricity grids often fail to meet demand, renewable energy is essential for unlocking sustainable development. Clean energy has the potential to power economic growth, create jobs, and significantly reduce the region's carbon footprint. However, limited financing options hinder households and small enterprises from making the transition to renewable energy independently.

Rivy addresses this gap by offering affordable financing solutions that empower individuals, households, and businesses to adopt clean energy technologies. Since pivoting to renewable energy financing in 2023, the company has successfully financed thousands of end-users and vendors of clean-tech equipment. Rivy currently provides solar micro-grids with a dual offering of debt and access to carbon markets, contributing to the avoidance of thousands of tonnes of CO2 emissions.

"Rivy empowers individuals and SMEs with the financing necessary to adopt solar power, which is crucial for accelerating the transition to clean energy in underserved and unserved communities across Nigeria," stated Oluseye Bassir, Investment Manager at All On. "The market potential for solar power in Nigeria is immense, and we believe Rivy's commitment to achieving its objectives can significantly realize this potential."

As Rivy embarks on this new phase, the company is focused on catalyzing Africa's clean energy transition. With US$4 million in funding, Rivy plans to scale its growth, increase loan disbursements, and further reduce carbon emissions while creating new opportunities for economic development.

This funding will also enable Rivy to strengthen partnerships with renewable energy players and develop the financial infrastructure needed to make clean energy more accessible to Africans.

"We're thrilled to back Rivy as they scale their efforts in Nigeria's renewable energy sector. The company's approach is exactly what Africa needs to address its energy access challenges, reach households and businesses, and build a sustainable, low-carbon future," said Taiwo Ketiku, Principal at EchoVC Eco.

"This is an exciting moment for us at Rivy," added Chioma Okotcha, Chief Operating Officer at Rivy. "Our rebranding reflects our renewed focus on driving Africa's clean energy future. We're proud of the momentum we've built and the opportunities ahead to empower more businesses and homes with accessible renewable energy financing."

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