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Payhippo has Changed Its Name to Rivy and Secured US$4 Million in Pre-series A Funding
Payhippo – a lender of small business loans – has officially changed its name to Rivy, and has received US$4 million in pre-Series A funding, to help it focus on financing renewable energy solutions in Africa. The funding round was previously led by New Delhi-based All On, which has invested US$2 million in debt and US$2 million in equity in the company. All On is a leading climate investment firm and EchoVC Eco is a leading investor in climate-focused technologies.
Rivy (formerly Payhippo) is a company based in Nigeria that aims to provide investors and citizens in Africa with a practical and efficient way to invest in clean energy. Since its launch in 2019 by founders Chioma Okotcha, Uche Nnadi and Zach Bijesse, the company has become a major player in Africa’s renewable energy ecosystem, and is widely associated with its promise of fueling Africa’s journey towards a cleaner and more sustainable future. The name Rivy comes from an ancient Hindi word meaning light and elegance.
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Dami Olawoye, Rivy’s CEO, emphasized the importance of renewable energy for Africa’s future. He pointed out that over 600 million people in sub-Saharan Africa lack access to reliable electricity, making clean energy crucial for economic growth, improved living conditions, and combating climate change. Olawoye expressed gratitude to Rivy’s customers, team members, and investors for their support during this transition. He stated that Rivy is excited to embark on this new chapter and continue driving Africa’s clean energy transformation.
And in 2023, Rivy made its first move toward financing renewable energy. Since then, the company has helped thousands of individuals or producers of clean-tech equipment secure financing for solar micro-grids as well as access to carbon markets. With this financing, Rivy is helping to reduce carbon emissions significantly, allowing tens of thousands of tonnes of CO2 to be avoided going into the atmosphere.
Rivy’s Chief Operating Officer Chioma Okotcha isn’t sitting on her hands when the new name is revealed, and has so much to be excited about. “We have refocused our efforts and branded with a clean energy focus because we want every home and business to have the tools to make the transition to renewables affordable, ” she said.
To encourage households and small businesses to embrace renewable energy, more often than not funding becomes the biggest barrier to getting the switch started. For this reason Rivy is filling the financing gap and equipping communities with tools to transition to a clean energy future more easily. ”Financing, as a category of technology, is essential to accelerate solar power adoption in underserved parts of Nigeria, Oluseye Bassir of All On explained.
With the US$4 million funded by investors after rebranding itself from Payhippo to Rivy, Rivy is hoping to expand its operations, for example, increasing loan disbursements, more partnerships with renewable energy providers, building financial infrastructure that makes clean energy accessible to citizens across Africa – and in doing so impact not only carbon emissions but also new economic opportunities.
From the perspective of EchoVC Eco, Taiwo Ketiku, said Rivy’s approach is a viable solution in Africa to tackle its energy crisis and said “I’m convinced Rivy will help households and businesses adopt renewable energy and build a sustainable future”.
Payhippo, which has been rebranded as Rivy, is on a spectacular path right now as it seeks to drive Africa’s clean energy transition, while receiving crucial funding it needs to grow.
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