Transaction Summary
Nigerian fintech Rivy (formerly Payhippo Limited) announced it secured $4 million in pre-Series A financing, evenly split between $2 million in equity and $2 million in debt. The investment was co-led by EchoVC Partners LLC (EchoVC), through its Eco Pilot Fund I, a $2.5 million pre-seed fund launched in collaboration with Shell Foundation and UK Aid in 2023, aimed at bridging early-stage funding gaps in African climate-tech sectors. Shell-backed All On Partnerships for Energy Access Limited by Guarantee (All On) co-led this round. Rivy, initially an SME-focused lender, now facilitates financing for clean energy solutions for individuals and businesses by operating a dual marketplace that connects solar vendors with businesses, enabling asset financing for solar systems. The raised funds will help Rivy strengthen partnerships with renewable energy providers, build the financial infrastructure necessary to increase access to clean energy across Africa, and expand its loan disbursements.
Terms
- Fund Managers: EchoVC Partners
