Nigerian fintech company Payhippo has officially rebranded to Rivy, signaling a major shift from SME lending to clean energy financing.

Along with this transformation, Rivy has secured $4 million in pre-Series A funding to expand its renewable energy financing efforts across Africa.

The funding round was led by climate-focused investors All On and EchoVC Eco, with an even split of $2 million in debt and $2 million in equity. This investment underscores growing confidence in Rivy’s vision of tackling Africa’s energy challenges through accessible financing solutions.

According to Rivy’s CEO, Dami Olawoye, the company’s mission is rooted in addressing Africa’s massive energy gap. “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,” he said.

Rivy’s pivot toward clean energy financing started in 2023 and aligns with the urgent need for reliable electricity in sub-Saharan Africa. Many households and businesses either lack access to power entirely or struggle with high costs. By offering financing solutions for solar micro-grids, clean-tech equipment, and access to carbon markets, Rivy is making renewable energy more attainable.

The company’s model enables individuals, households, and businesses to finance their transition to solar energy. Oluseye Bassir, Investment Manager at All On, emphasized the importance of such financing in scaling clean energy adoption. “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.”

The market for solar energy in Nigeria is vast, with significant potential to improve energy access and reduce dependence on costly and unreliable alternatives. Rivy’s approach is geared toward unlocking this potential by increasing loan disbursements and helping communities transition to sustainable energy sources.

Investors see Rivy as a key player in Africa’s clean energy movement. Taiwo Ketiku, Principal at EchoVC Eco, reinforced this sentiment: “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.”

With this fresh round of funding, Rivy is set to scale operations, expand its financing reach, and contribute to both economic growth and carbon reduction efforts.