The Senegalese fintech startup Rubyx has secured a loan of EUR400,000 (approximately US$440,000) from Proparco, a French development finance institution. This funding is aimed at accelerating the deployment of Rubyx’s innovative algorithmic lending solution tailored for startups and microfinance institutions across Africa.
Rubyx has created a state-of-the-art, cloud-based digital lending platform that is driven by APIs, allowing service providers to swiftly introduce new loan products that align with the modern expectations of borrowers.
The EUR400,000 loan awarded to Rubyx is facilitated through the Bridge by Digital initiative, which is supported by Digital Africa and implemented by Proparco. This initiative provides African innovators with bridge financing for up to 24 months, assisting them in scaling their operations between two successive rounds of funding.
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Following a seed funding round in 2022 and a subsequent extension in 2023 from Saviu Ventures, Rubyx is complementing its capital with this loan and is preparing to pursue a Series A funding round.
The injection of debt financing will empower Rubyx to expedite the introduction of its cutting-edge algorithmic loan assessment and automated loan management system. This system is designed to serve African startups and microfinance institutions, thereby enhancing the availability of loan products for very small enterprises (VSEs) and small and medium-sized enterprises (SMEs) on the continent. The initiative is set to augment the efforts of microfinance entities in Africa.
Denis Moniotte, CEO and co-founder of Rubyx, expressed profound gratitude for Proparco’s support, noting that the backing from a significant advocate of financial inclusion in Africa validates the company’s innovative approach to SME lending. He stated that this support would hasten the development and implementation of Rubyx’s digital lending technology.
Moniotte elaborated on Rubyx’s vision, which is to equip banks, microfinance institutions, payment providers, and fintechs with the necessary technological tools to convert the fintech revolution in Africa into a catalyst for economic growth for SMEs, which he described as the backbone of African societies.
Sadio Dicko, the regional director for West Africa at Proparco, also expressed enthusiasm about supporting Rubyx. He highlighted the pivotal role Rubyx is poised to play in the financial inclusion of African SMEs. Dicko pointed out that Rubyx’s algorithmic credit tool will enable institutions and startups to provide swift financing options to a broader customer base that currently lacks access to credit facilities.
