Nigerian SME Lender Payhippo Rebrands As Rivy, Raises USD 4 M For Solar Financing

Nigerian fintech Payhippo has rebranded as Rivy and secured USD 4 M in pre-Series A funding to expand its clean energy financing solutions beyond Nigeria. The funding comprises USD 2 M in equity, co-led by EchoVC and Shell’s All On, and USD 2 M in debt from local lenders.

Originally launched in 2019 as an SME lender, Rivy (formerly Payhippo) pivoted to clean energy financing in June 2023 after identifying electricity challenges as a key obstacle for businesses. The company now operates a dual marketplace, connecting over 250 solar vendors and installers with businesses while offering financing options to spread the cost of solar systems over time.

CEO Dami Olawoye explained that 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 central to its business, maintaining a non-performing loan (NPL) ratio below 1%. The startup disbursed USD 2 M in loans in 2024, growing its loan book by 15% monthly despite the high upfront cost of solar solutions.

The company offers customised loan structures based on electricity demand, logistics, and solar installation costs, with interest rates starting at 12% for three-month terms. Businesses must make an initial deposit of at least 30% to access financing.

Beyond individual businesses, Rivy is also financing micro-grids that power business clusters and communities. While SMEs remain its core focus, Rivy has expanded into consumer financing as well.

The startup plans to deepen its presence in Nigeria and explore expansion into new markets, positioning itself as a key player in Africa’s clean energy transition.