FUNDING | Payhippo Rebrands to Rivy, Raises $4 Million After Disbursing $2 Million in Loans in 2024 with NPL Ratio Below 1%

Nigerian fintech, PayHippo, has rebranded as Rivy and raised $4 million in pre-Series A funding to expand its clean energy financing beyond Nigeria.

The funding includes $2 million in equity, co-led by Echo VC and Shell’s All On, along with $2 million in debt from local lenders.

Founded in 2019 by Chioma Okotcha, Uche Nnadi, and Zach Bijesse, Rivy started as a lender for small and medium-sized enterprises (SMEs) in Nigeria securing $3 million in a seed round led by Chipper Cash in 2021. After participating in Y Combinator that same year, the company underwent leadership changes in 2023, with former CFO, Olawoye, stepping in as CEO while Bijesse transitioned to the board.

Rivy shifted its focus to clean energy financing in June 2023 after recognizing electricity shortages as a major challenge for businesses. The company now runs a dual marketplace, linking over 250 solar vendors and installers with businesses while providing financing options to make solar systems more affordable over time.

According to CEO, Dami Olawoye, many SMEs lacked reliable electricity, while solar installers struggled with capital constraints.

“We expanded to asset financing to help small businesses afford solar systems and installers purchase equipment in bulk,” he said.

Rivy’s loan underwriting engine remains a core part of its operations, keeping its non-performing loan (NPL) ratio below 1%. In 2024, the startup disbursed $2 million in loans, expanding its loan book by 15% each month despite the high upfront costs of solar solutions.

The company provides tailored loan structures based on electricity needs, logistics, and solar installation expenses, with interest rates starting at 12% for three-month terms. To qualify for financing, businesses must make an initial deposit of at least 30%.

In addition to supporting individual businesses, Rivy is also financing micro-grids that supply power to business clusters and communities. While SMEs remain its primary focus, the company has also expanded into consumer financing.

Rivy aims to strengthen its presence in Nigeria while exploring opportunities in new markets, positioning itself as a key player in Africa’s clean energy transition.

Oluseye Bassir, investment manager at All On, stated that Rivy enables individuals and SMEs to access financing for solar power, playing a vital role in driving clean energy adoption in underserved and unserved communities across Nigeria.

“The market potential for solar power in Nigeria is immense. With Rivy’s commitment to achieving its set objectives, we believe that the enormous market potential for solar energy in Nigeria can be substantially realised,” he said.