Payhippo, a Nigerian fintech startup, has rebranded as Rivy and secured a $4 million pre-Series A funding round to expand its focus on clean energy financing.
The round includes $2 million in equity (co-led by EchoVC and All On) and $2 million in debt from local institutions.
With Africa facing a massive energy gap—where nearly 50% of the population lacks electricity—Rivy connects over 250 solar vendors and installers with businesses, offering financing solutions that allow them to spread the cost of solar systems over time.
Since pivoting in 2023, Rivy has disbursed $2 million in loans and maintained 15% month-over-month loan book growth, while keeping non-performing loans under 1%.
The fresh funding will enable the fintech startup to scale operations, increase loan disbursements, and drive economic growth while reducing carbon emissions.
Staffwriter at Techawkng.com
Digital Marketing Professional/Social Media Expert/Content Writer
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