After closing a US $4 million pre-Series A funding round, Nigerian startup Payhippo—an AI-powered lender for Africa’s renewable energy sector—rebranded as Rivy.
The AI-powered lender Rivy, which was founded in 2019, is speeding up Africa’s switch to clean energy. The company has disbursed more than US $2 million in clean energy loans since shifting its focus to financing renewable energy in 2023.
With support from African climate-focused investors like All On and EchoVC Eco, the startup has raised US$4 million in its pre-Series A round, which includes US $2 million in debt and US $2 million in equity.
Rivy’s goal of facilitating universal access to clean energy in Nigeria and elsewhere will be expedited by the new funding. In order to create the financial framework required to make clean energy more widely available to Africans, the startup intends to expand its operations, boost loan disbursements, and fortify alliances with renewable energy companies.
Meanwhile, the old Hindi name that connotes brightness and sunlight served as the inspiration for the new name. The company claimed that the rebrand represented this change and the company’s future goals and that Rivy represents a vision for a better, 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 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.”
In order to accelerate the adoption of clean energy in underserved and unserved communities throughout Nigeria, Rivy provides individuals and SMEs with the funding they need to adopt solar power, according to Oluseye Bassir, investment manager at 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 realised,” he said.
