Rivy’s $4m fund to accelerate clean energy investment in Nigeria

An AI-powered lender for Africa’s renewable energy sector, Rivy, has announced its rebrand from Payhippo and the closing of a $4 million pre-Series A funding round.

This round comprises $2 million in debt and $2 million in equity, with backing from Africa climate-focused investors including All On and EchoVC Eco. This new funding is expected to accelerate Rivy’s mission to enable widespread access to clean energy in Nigeria and beyond.

Since its inception in 2019, 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.

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“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 chief executive officer at Rivy, Dami Olawoye.

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.

Since pivoting to renewable energy financing in 2023, Rivy 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 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 investment manager at All On, Oluseye Bassir.

“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 realised.

“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 principal at EchoVC Eco, Taiwo Ketiku.