Rivy's $4M Boost for Clean Energy

Key Figures & Findings: Nigerian fintech startup Payhippo has rebranded as Rivy and secured $4 million in pre-Series A funding to expand its clean energy financing operations. The funding comprises $2 million in equity, co-led by EchoVC and Shell's All On, and $2 million in local-currency debt from Nigerian lenders. With a focus on financing solar systems and micro-grids through a dual-sided marketplace, connecting over 250 solar vendors to businesses in need of cleaner, more affordable electricity. Developed during its SME lending phase, its underwriting engine reportedly keeps non-performing loans below 1%.

Statistics & Insights:
Since pivoting to clean energy financing in 2023, Rivy has disbursed $2 million in loans and grown its loan book by 15% monthly.

Future Implications:
Rivy’s pivot reflects a broader trend of fintech aligning with energy access agendas. By 2025, the company could expand beyond Nigeria, leveraging its hybrid debt-equity model to finance business clusters and micro-grids across West Africa.

Source: Ventures Platform Fund