African startup Rivy, formerly known as Payhippo, undergoes a rebranding and secures $4 million in pre-series A funding to drive the clean energy future across the continent.
Rivy Embraces Renewable Energy Financing, Secures US$4 Million Funding
Lagos-based Rivy, formerly known as Payhippo, has rebranded and is now focusing on driving Africa's clean energy transition. The AI-powered lender is dedicated to providing financing for renewable energy projects, making sustainable power more accessible and affordable for African homes and businesses.
Since its inception in 2019, Rivy has been at the forefront of innovation, initially offering AI-powered lending solutions to Small and Medium Enterprises (SMEs). However, in 2023, the company pivoted to renewable energy financing, a move that has seen it provide funding for thousands of end-users and vendors of clean-tech equipment.
The rebrand at Rivy symbolizes a renewed dedication to powering Africa's journey toward a cleaner, more sustainable future. The name Rivy, inspired by the ancient Hindi word meaning "sunlight" and "brilliance," encapsulates this commitment.
Rivy's efforts have not gone unnoticed. The company has successfully closed a US$4 million pre-Series A funding round, with support from Africa-focused climate investors such as All On and EchoVC Eco. EchoVC Eco principal Taiwo Ketiku believes Rivy's approach is crucial for addressing Africa's energy access challenges.
"Rivy's innovative approach to renewable energy financing is exactly what Africa needs to accelerate its transition to clean energy," said Taiwo Ketiku. "We are proud to support Rivy in its mission to expand access to clean energy across Nigeria and beyond."
By using AI, Rivy likely improves credit risk assessment, loan structuring, and customer outreach, allowing them to efficiently fund renewable energy installations and solutions in regions where traditional financing is limited. This approach accelerates the adoption of clean energy technologies across Africa, expanding access to sustainable power and supporting the continent's energy transition goals.
Chioma Okotcha, Chief Operating Officer at Rivy, stated that the company's rebrand signifies a renewed commitment to driving Africa's clean energy future. "We are proud of the momentum we have built and look forward to the opportunities ahead as we continue to empower businesses and homes with accessible renewable energy financing," said Okotcha.
The funding round includes US$2 million in debt and US$2 million in equity. The funds will be used to accelerate Rivy's mission to expand access to clean energy across Nigeria and beyond, contributing to the avoidance of thousands of tonnes of CO2 emissions. With Rivy's renewed focus on renewable energy financing, the future of clean energy in Africa looks brighter than ever.
- Rivy has secured US$4 million funding from Africa-focused climate investors, which will be used to expand their renewable energy financing operations and contribute to the avoidance of thousands of tonnes of CO2 emissions.
- Rivy's innovative approach to renewable energy financing, which utilizes AI for credit risk assessment, loan structuring, and customer outreach, aims to accelerate the adoption of clean energy technologies across Africa.
- By focusing on renewable energy financing, Rivy's efforts are crucial for addressing Africa's energy access challenges and are aligned with the continent's goals for a cleaner, more sustainable future, as seen in their partnerships with ventures capital firms like All On and EchoVC Eco.
