Payhippo rebrands to Rivy, raises US$4M in pre-series A funding

 Rivy, an AI-powered lender for Africa’s renewable energy sector, today announced its rebrand from Payhippo and the successful closing of a US$4 million pre-Series A funding. The round comprises US$2 million in debt and US$2 million in equity, with backing from Africa climate–focused investors: All On and EchoVC Eco.

According to a statement shared with Technext, the funding will help accelerate Rivy’s mission to enable widespread access to clean energy in Nigeria and beyond.

Since its inception in 2019 (by Chioma Okotcha, Uche Nnadi, and Zach Bijesse), Rivy has evolved from an AI-powered lender for SMEs to a key player in financing renewable energy solutions in Nigeria.

The rebrand to Rivy reflects this transformation and the company’s future ambitions. Inspired by the ancient Hindi word for “sunlight” and “brilliance”, the name symbolizes the company’s commitment to powering  Africa’s path to a cleaner, more sustainable future.

“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, Chief Executive Officer.  

“I want to thank our customers for trusting us, our Rivy team for their continuous hard work, and our investors for their confidence in our mission. We’re excited to embark on this new chapter as Rivy and continue driving Africa’s clean energy transition”, he concluded.

In sub-Saharan Africa, where traditional grids frequently fail to meet demand, renewable energy solutions are key to unlocking sustainable development. Clean energy has the potential to power economic growth, create employment, and reduce the sub-continent’s carbon footprint.

With limited access to financing, households and small enterprises struggle to transition to renewable energy on their own.

Rivy is addressing this gap by enabling affordable financing options that empower individuals, households, and businesses to make the transition to clean energy.

“This is an exciting moment for us,” said Chioma Okotcha, Chief Operating Officer at Rivy. “Our rebrand reflects our renewed focus on driving Africa’s clean energy future. We’re proud of the momentum we’ve built and the opportunities ahead as we continue empowering businesses and homes with accessible renewable energy financing.”

Since pivoting to renewable energy financing in 2023, the startup has financed thousands of end-users and vendors of clean-tech equipment. The company now provides solar micro-grids with a dual offering of debt and access to carbon markets. Rivy’s financing has helped avoid thousands of tonnes of CO2 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, ” said Oluseye Bassir, Investment Manager, All On. “The market potential for solar power in Nigeria is immense. With Rivy’s commitment to achieving its set objectives, we believe that the enormous market potential for solar energy in Nigeria can be substantially realized.”

As Rivy enters this new phase, it is focused on powering Africa’s clean energy transition.

With US$4 million in funding, it plans to scale up its growth, increase loan disbursements, and not only cut carbon emissions but also create new opportunities for economic development. This funding will help Rivy strengthen partnerships with renewable energy players and build 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. 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, EchoVC Eco.

Read also: Payhippo appoints Dami Olawoye as new CEO, to succeed Zach Bijesse