Nigeria's Payhippo Raises $4M to Fund Clean Energy After Rivy Rebrand
TLDR
- Nigerian fintech startup Payhippo has rebranded as Rivy and raised $4 million in a pre-Series A round to scale its clean energy financing business
- The funding is split evenly between $2 million in equity and $2 million in local-currency debt
- EchoVC and Shell’s All On co-led the equity round. EchoVC invested through its $2.5 million Eco fund, which backs climate and mobility ventures
Nigerian fintech startup Payhippo has rebranded as Rivy and raised $4 million in a pre-Series A round to scale its clean energy financing business. The funding is split evenly between $2 million in equity and $2 million in local-currency debt.
EchoVC and Shell’s All On co-led the equity round. EchoVC invested through its $2.5 million Eco fund, which backs climate and mobility ventures. The debt came from unnamed Nigerian debt providers. Founded in 2019, Rivy originally focused on SME lending. It now operates a marketplace connecting over 250 solar vendors to businesses, offering financing to spread solar system costs over time.
CEO Dami Olawoye said loan demand has grown since the 2023 pivot to energy financing. Rivy disbursed $2 million in loans in 2024 and is growing its monthly loan book at 15%. Loan terms start at a 12% rate for three months, with a 30% down payment required.
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Key Takeaways
Rivy’s pivot reflects a broader trend among African fintechs moving beyond traditional credit. Like Branch in Kenya or Aella in Nigeria, Rivy is using its lending infrastructure to solve deeper problems—in this case, power access. With electricity costs rising and diesel fuel prices volatile, solar energy is gaining traction. But upfront costs remain a barrier. Rivy’s model helps small businesses access solar with flexible payment terms, while also supporting solar vendors who need working capital. By financing both end users and micro-grid projects, Rivy positions itself in both enterprise and community energy segments. The model reduces power costs for users and offers stable loan performance—CEO Olawoye claims a non-performing loan ratio below 1%.
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