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Rivy, an AI-powered lender focused on Africa’s renewable energy sector, has announced its rebrand from Payhippo, alongside the successful closing of a US$4 million pre-Series A funding round. The round includes US$2 million in debt and US$2 million in equity, with support from Africa-focused climate investors such as All On and EchoVC Eco. This funding will play a key role in accelerating Rivy’s mission to expand access to clean energy across Nigeria and beyond.
Founded in 2019, Rivy initially operated as an AI-powered lender for SMEs but has since evolved into a significant player in the renewable energy financing space in Nigeria. The rebrand reflects this transformation and underscores the company’s ambitions for the future. The name Rivy, inspired by the ancient Hindi word meaning “sunlight” and “brilliance,” symbolizes the company’s dedication to powering Africa’s journey toward a cleaner, more sustainable future.
“Renewable energy is not just an urgent need 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 essential for driving economic growth, enhancing 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 unwavering dedication, and our investors for their confidence in our mission. We are excited to begin this new chapter as Rivy and continue advancing Africa’s clean energy transition.”
In sub-Saharan Africa, where traditional grids often fail to meet demand, renewable energy solutions are vital to unlocking sustainable development. Clean energy has the potential to power economic growth, create jobs, and significantly reduce the region’s carbon footprint. With limited access to financing, many households and small enterprises struggle to transition to renewable energy independently. Rivy is addressing this challenge by offering affordable financing options that empower individuals, households, and businesses to shift to clean energy.
Since pivoting to renewable energy financing in 2023, Rivy has provided funding for thousands of end-users and vendors of clean-tech equipment. The company is now focused on offering solar micro-grids, combining both debt financing and access to carbon markets. Rivy’s efforts have contributed to the avoidance of thousands of tonnes of CO2 emissions.
“Rivy empowers individuals and SMEs with the necessary financing to adopt solar power. This financing is essential for speeding up 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 huge. With Rivy’s commitment to its objectives, we believe the vast potential of solar energy in Nigeria can be significantly realized.”
As Rivy moves forward, the company remains dedicated to driving Africa’s clean energy transition. With the US$4 million in new funding, Rivy plans to scale its operations, increase loan disbursements, reduce carbon emissions, and create fresh opportunities for economic development. This funding will enable Rivy to strengthen its partnerships with renewable energy stakeholders and develop the financial infrastructure necessary to make clean energy more accessible across Africa.
“We are excited to support Rivy as they expand their impact in Nigeria’s renewable energy sector. Rivy’s approach is exactly what Africa needs to address its energy access challenges, broaden its reach to households and businesses, and build a sustainable, low-carbon future,” said Taiwo Ketiku, Principal at EchoVC Eco.
“This is a pivotal moment for us at Rivy,” said Chioma Okotcha, Chief Operating Officer at Rivy. “Our rebrand signifies our renewed commitment to driving Africa’s clean energy future. We are proud of the momentum we have built and look forward to the opportunities ahead as we continue to empower businesses and homes with accessible renewable energy financing.”
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