Rivy Drives Africa’s Clean Energy Future, Raising $4M in Funding

Rivy raises $4M to expand clean energy access in Africa, financing solar power for homes, businesses, and economic growth.
 

After changing its name from Payhippo, Rivy has raised $4 million in pre-Series A funding. This funding is a major step in the company's mission to expand renewable energy access across Nigeria and beyond. Rivy now positions itself as a leader in financing Africa's clean energy future.

A New Identity For Rivy That Supports a Growing Mission

Rivy started in 2019 as an AI-powered lender for small and medium-sized enterprises (SMEs). Over time, the company shifted its focus to renewable energy financing. The rebrand from Payhippo to Rivy reflects this evolution. The new name, inspired by an ancient Hindi word meaning “sunlight” or “brilliance,” symbolises the company’s commitment to powering a cleaner, more sustainable Africa.

Dami Olawoye, Chief Executive Officer of Rivy, emphasises the importance of this shift. He makes it clear that renewable energy is a long-term investment in Africa's future that goes beyond meeting current demands. In his own words, Olawoye conveys how "with over 600 million people in sub-Saharan Africa lacking access to reliable electricity, clean energy solutions are essential for driving economic growth, enhancing livelihoods, and combating climate change.” His perspective underlines the urgency and promise of Africa's clean energy transition.

Rivy Secured Vital Pre-Series A Funding

Rivy raised $4 million in a pre-Series A funding round, consisting of $2 million in debt and $2 million in equity. Africa-focused climate investors, such as All On and EchoVC Eco, played a significant role in this funding round. This extra capital will help Rivy expand its operations, increase loan disbursements, and enhance access to renewable energy options.

Oluseye Bassir, Investment Manager at All On, highlighted the impact of this financing. He stated, “Rivy empowers individuals and SMEs with the necessary financing to adopt solar power. In particular, Bassir mentions how "this financing is essential for speeding up the adoption of clean energy in underserved and unserved communities across Nigeria." He also highlighted the huge potential of Nigeria’s solar market. In Bassir's eyes, Rivy can help Nigeria and the rest of Africa realise this potential. The extra capital raised will help Rivy achieve this by broadening its services and providing more affordable financing options.

How Rivy is Addressing Nigeria’s Energy Challenges

In sub-Saharan Africa, traditional power grids struggle to meet the increasing demand. Unreliable electricity is a problem for millions of people in the area, which restricts opportunities for economic growth. Rivy addresses this issue by providing cost-effective financing choices. These make it easier for households and small businesses to switch to renewable energy systems.

Rivy funds projects that include solar micro-grids and the acquisition of clean-tech equipment. By providing clean, consistent energy, these projects reduce the dependence on an unstable electrical grid. This means families and local businesses enjoy lower energy costs and fewer interruptions as they switch to solar power. So, this change promotes local economic development while also enhancing living conditions.

Rivy's Impact Beyond Financial Support

Rivy’s approach goes far beyond providing loans. Its renewable energy financing model focuses on lower carbon emissions across Africa. By facilitating solar micro-grids installation, the company helps cut thousands of tonnes of CO₂ emissions. This effort is critical in the global fight against climate change and supports a more renewable environment.

Taiwo Ketiku, Principal at EchoVC Eco, expressed his excitement about Rivy’s strategy. He said, “Rivy’s approach is exactly what Africa needs to address its energy access challenges, broaden its reach to households and businesses, and build a sustainable, low-carbon future.” His comments highlight the crucial role of funding in accelerating Africa's clean energy future.

Empowering Communities and Growing Economies

Clean energy access extends beyond improving the environment. It also enhances economic growth. By making renewable energy financing available, Rivy helps small businesses thrive and creates job opportunities. Reliable electricity helps businesses run effectively, promoting regional innovation and growth. These improvements attract more investment and contribute to a stronger economy.

Communities benefit in many ways from the improved energy infrastructure this brings. With stable power from solar energy, families can focus on education, healthcare, and business without the burden of high energy costs or frequent outages. This stability boosts the overall quality of life and nurtures community growth. So, with every new solar installation, Africa reduces its carbon footprint, but it also paves the way for sustained development.

A Promising Future For Renewable Energy in Africa

Rivy plans to use the new funding to scale its operations further across Nigeria and other parts of Africa. The company plans to strengthen its relationships with stakeholders in renewable energy and broaden its range of financial products. This will improve the availability of clean energy solutions and broaden the available options. By facilitating this, the financing will also help decrease carbon emissions.

Chioma Okotcha, Chief Operating Officer at Rivy, noted the importance of this milestone. Okotcha said, “This is a pivotal moment for us at Rivy. Our rebrand signifies our renewed commitment to driving Africa’s clean energy future". Her commitment demonstrates the belief that every step taken today will help build a resilient and low-carbon future for the region.

Rivy Continues Striving Towards Africa's Clean Energy Future

Rivy’s rebrand and funding milestone mark a turning point in the journey toward Africa's clean energy future. By transforming its business model and securing essential investments, Rivy stands at the centre of renewable energy financing in Nigeria and beyond. Through affordable loans and innovative projects, the company creates noticeable change. By empowering communities, boosting economies, and fighting climate change, Rivy is making a major difference.  As a company, it leads the way in renewable energy accessibility, creating a brighter, cleaner future.