Rivy Secures $4M for Clean Energy Expansion Beyond Nigeria
Rivy, a Nigerian fintech company specialising in clean energy financing, has announced its expansion plans. The company, formerly known as PayHippo, aims to strengthen its presence in Nigeria and explore new markets. This move comes after Rivy shifted its focus to clean energy financing in June 2023.
Rivy's expansion is backed by a significant funding round. In March 2025, the company received US$4 million in pre-Series A funding. This includes US$2 million in equity from climate-focused investors All On and EchoVC Eco, and US$2 million in debt, a type of loan, from local financiers. This funding will enable Rivy to expand its clean energy financing beyond Nigeria.
Founded in 2019 by Chioma Okotcha, Uche Nnadi, and Zach Bijesse, Rivy has already made a mark in the Nigerian market. It runs a dual marketplace, connecting over 250 solar vendors and installers with businesses. The company offers tailored loan structures with interest rates starting at 12% for three-month terms. Rivy's advanced loan underwriting engine ensures a low non-performing loan (NPL) ratio of less than 1%.
Rivy's journey began with a seed round in 2021, led by Chipper Cash, where it secured $3 million. Since then, the company has grown significantly, rebranding from PayHippo to Rivy in 2023.
With its latest funding, Rivy is well-positioned to strengthen its presence in Nigeria and explore new markets. The company's focus on clean energy financing and its innovative approach to lending make it an attractive investment opportunity. Rivy's expansion is expected to boost clean energy adoption and support businesses in the process.
