Rivy Secures $4M to Advance Renewable Energy Financing in Africa
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Rivy, an AI-driven financial solutions provider for Africa’s renewable energy sector, has officially rebranded from Payhippo and secured $4 million in pre-Series A funding. The funding round includes $2 million in debt and $2 million in equity, with participation from climate-focused investors All On and EchoVC Eco.
The funding will support Rivy’s mission to expand access to affordable clean energy solutions across Nigeria and beyond. Since its launch in 2019, Rivy has evolved from financing small and medium-sized enterprises (SMEs) to becoming a key enabler of renewable energy adoption in Africa.
The name Rivy—derived from an ancient Hindi term meaning “sunlight” and “brilliance”—reflects its commitment to driving Africa’s shift toward sustainable energy.
“Clean energy is the future of Africa,” said Dami Olawoye, CEO of Rivy. “With over 600 million people in sub-Saharan Africa lacking reliable electricity, innovative financing models are critical to scaling renewable energy adoption.”
Olawoye expressed gratitude to Rivy’s customers, employees, and investors, emphasizing that the company remains focused on empowering businesses and households through sustainable energy financing.
Bridging the Renewable Energy Financing Gap
Despite the growing demand for solar energy and clean technology, many African households and businesses struggle to access financing. Traditional power grids often fail to meet demand, making renewable energy solutions essential for economic development, job creation, and carbon footprint reduction.
Rivy is tackling this challenge by offering affordable financing solutions tailored for individuals, households, and SMEs.
“This rebrand marks a pivotal moment for us,” said Chioma Okotcha, COO of Rivy. “We are doubling down on our mission to enable accessible and affordable clean energy financing for businesses and communities across Africa.”
Since shifting focus to renewable energy in 2023, Rivy has financed thousands of clean-tech vendors and end-users. The company now supports solar micro-grids, combining debt financing with access to carbon markets, helping to reduce CO₂ emissions significantly.
Strategic Partnerships and Market Potential
Investors see tremendous potential in Rivy’s approach to scaling clean energy solutions.
“Rivy is playing a crucial role in driving solar energy adoption in Nigeria,” said Oluseye Bassir, Investment Manager at All On. “With the right financial infrastructure, we can accelerate access to clean energy and unlock economic opportunities for millions.”
Taiwo Ketiku, Principal at EchoVC Eco, echoed this sentiment:
“Africa needs innovative financing solutions to bridge its energy gap. Rivy’s approach is well-positioned to help scale renewable energy adoption while supporting economic growth and a low-carbon future.”
Expanding Impact with Fresh Capital
With $4 million in new funding, Rivy plans to expand its operations, increase loan disbursements, and forge stronger partnerships with renewable energy providers. The company is committed to making clean energy accessible to more Africans, reducing reliance on fossil fuels, and contributing to a greener, more sustainable continent.
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