Nigerian fintech startup Payhippo has rebranded to Rivy following the successful closure of a $4 million pre-Series A funding round, marking a new phase in its mission to accelerate Africa’s transition to clean energy through AI-powered lending.
Originally launched in 2019, the startup initially focused on providing financial solutions to SMEs. However, in 2023, the company pivoted to renewable energy financing, recognizing the urgent need for accessible clean energy solutions across Africa. Since shifting its focus, Rivy has disbursed over $2 million in clean energy loans, enabling businesses and households to adopt sustainable power solutions.
The $4 million pre-Series A round consists of $2 million in debt and $2 million in equity, with participation from African climate-focused investors, including All On and EchoVC Eco. The fresh capital injection will be used to:
✅ Scale loan disbursements to more businesses and households.
✅ Strengthen partnerships with renewable energy providers.
✅ Expand financial infrastructure to make clean energy financing more accessible.
A New Name, A New Mission
The rebrand from Payhippo to Rivy aligns with the company’s renewed focus on clean energy. The name Rivy is derived from an ancient Hindi term associated with sunlight and brilliance, symbolizing the company’s vision for a brighter, 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 for economic growth, improved livelihoods, and climate action,” said Dami Olawoye, CEO of Rivy.
“I want to thank our customers for trusting us, our 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.”
Investor Confidence in Rivy’s Mission
Speaking on the investment, Oluseye Bassir, Investment Manager at All On, highlighted the market potential for solar energy in Nigeria and Rivy’s role in making it more accessible.
“Rivy empowers individuals and SMEs with the financing needed to adopt solar power, which is essential for expanding clean energy access in underserved communities. With the company’s strong commitment and execution, we believe Nigeria’s immense solar energy potential can be substantially realized,” he said.
With this funding and rebrand, Rivy is set to play a pivotal role in expanding financial access to clean energy solutions, ensuring that more Nigerians and Africans can transition to reliable, sustainable power sources.
