Nigerian fintech Payhippo has rebranded as Rivy, shifting from SME lending to clean energy financing after raising $4 million in a pre-Series A round. The funding—split evenly between debt and equity—will support Rivy’s expansion beyond Nigeria, providing solar financing solutions for businesses.
EchoVC and Shell’s All On co-led the equity round, while local lenders provided debt funding. Rivy now operates as a dual marketplace, linking over 250 solar vendors with businesses while offering loans to spread the cost of solar systems. CEO Dami Olawoye said the move was driven by SMEs’ struggles with unreliable electricity and solar installers’ lack of capital.
Since pivoting in 2023, Rivy has disbursed $2 million in loans, growing its loan book by 15% monthly. Loan interest rates start at 12% for a three-month term, with businesses required to make a 30% initial deposit. The company is also financing micro-grids and expanding into consumer lending.
Olawoye noted that Rivy raised both debt and equity, as equity alone would dilute shareholders. The startup now aims to strengthen its presence in Nigeria while exploring new markets in Africa.
