Nigerian startup Payhippo, an AI-powered lender for Africa’s renewable energy sector, has closed a US$4 million pre-Series A funding round and rebranded to Rivy.
Founded in 2019, the startup now known as Rivy is an AI-powered lender accelerating Africa’s transition to clean energy. Since pivoting to renewable energy financing in 2023, the company has provided over US$2 million in clean energy loans.
The startup’s US$4 million pre-Series A round comprises US$2 million in debt and US$2 million in equity, with backing from African climate–focused investors such as All On and EchoVC Eco.
The new funding will accelerate Rivy’s mission to enable widespread access to clean energy in Nigeria and beyond. The startup plans to scale up its growth, increase loan disbursements, and strengthen partnerships with renewable energy players to build the financial infrastructure needed to make clean energy more accessible to Africans.
The new name, meanwhile, is inspired by the ancient Hindi name associated with sunlight and brilliance. The company said Rivy embodies a vision for a brighter, more sustainable future, and the rebrand reflected this transformation and the company’s future ambitions.
“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 of Rivy.
“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.”
Oluseye Bassir, investment manager at All On, said Rivy empowers individuals and SMEs with the financing needed to adopt solar power, which is crucial for accelerating the adoption of clean energy in underserved and unserved communities across Nigeria.
“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,” he said.
