Nigeria's Payhippo Raises $4m to Fund Clean Energy After Rivy Rebrand

28 March 2025
Daba Finance (Abidjan)

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.

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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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