Rivy, an AI-powered lender focused on Africa’s renewable energy sector, has recently undergone a rebranding from Payhippo. This transformation comes alongside the successful closure of a US$4 million pre-Series A funding round, with US$2 million in debt and US$2 million in equity. The funding was secured with the support of Africa-focused climate investors such as All On and EchoVC Eco, highlighting the growing interest in clean energy solutions for the continent.
Originally founded in 2019 as an AI-powered lender for SMEs, Rivy has since shifted its focus to becoming a major player in the renewable energy financing space in Nigeria. The rebranding to Rivy signifies a new chapter for the company, reflecting its commitment to powering Africa’s transition to a cleaner and more sustainable future. The name “Rivy,” derived from the ancient Hindi word meaning “sunlight” and “brilliance,” encapsulates the company’s dedication to renewable energy solutions.
Dami Olawoye, Chief Executive Officer of Rivy, emphasized the importance of renewable energy in Africa, noting that over 600 million people in sub-Saharan Africa lack access to reliable electricity. With the potential to drive economic growth, improve livelihoods, and combat climate change, clean energy solutions are crucial for sustainable development in the region. Rivy aims to address this challenge by offering affordable financing options that empower individuals, households, and businesses to transition to clean energy.
Since transitioning to renewable energy financing in 2023, Rivy has provided funding for thousands of end-users and vendors of clean-tech equipment. The company now focuses on offering solar micro-grids, utilizing a combination of debt financing and access to carbon markets to facilitate the adoption of clean energy solutions. This approach has already led to the avoidance of thousands of tonnes of CO2 emissions, showcasing the positive impact of Rivy’s initiatives.
Moving forward, Rivy plans to scale its operations, increase loan disbursements, reduce carbon emissions, and create new opportunities for economic development with the US$4 million in new funding. The company aims to strengthen its partnerships with renewable energy stakeholders and enhance the financial infrastructure necessary to make clean energy more accessible across Africa.
Chioma Okotcha, Chief Operating Officer at Rivy, expressed excitement about the company’s rebrand and renewed commitment to driving Africa’s clean energy future. With a focus on empowering businesses and homes with accessible renewable energy financing, Rivy is poised to make a significant impact in Nigeria’s renewable energy sector. The support from investors like EchoVC Eco underscores the potential for Rivy to address energy access challenges and build a sustainable, low-carbon future for Africa.
In conclusion, Rivy’s rebranding and recent funding round mark a pivotal moment for the company as it continues its mission to advance clean energy solutions in Africa. With a focus on innovation, sustainability, and partnership, Rivy is well-positioned to lead the charge towards a greener and more prosperous future for the continent.
