Senegalese lending startup Rubyx has been granted a EUR400,000 (US$440,000) loan by French development finance institution Proparco to speed the rollout of its new algorithmic loan offering for startups and microfinance institutions on the continent.
Rubyx has developed a cloud-native, API-driven digital lending platform that enables service providers to rapidly launch innovative loan products and meet the evolved expectations of borrowers.
The startup’s EUR400,000 (US$440,000) loan comes through the Bridge by Digital, supported by Digital Africa and deployed by Proparco, which enables innovative African companies to benefit from bridging finance of up to 24 months to accelerate their development between two rounds of financing.
Rubyx raised a seed round in 2022, and an extension in 2023 from Saviu Ventures, which this loan completes. It will soon seek a Series A.
The debt funding will enable Rubyx to accelerate the rollout of its new algorithmic loan application assessment and automated loan management tool to African startups and microfinance institutions. This new offering will facilitate access to loan products for African VSEs and SMEs. This partnership complements the activities of the microfinance players in Africa.
“We are extremely grateful to Proparco for this valuable support. This vote of confidence from a major player in financial inclusion in Africa bears witness to the relevance of our innovative approach to credit for SMEs. It accelerates the development and deployment of our digital lending technology,” Denis Moniotte, CEO and co-founder of Rubyx, said.
“Our ambition is to provide banks, microfinance institutions, payment providers and fintechs with all the technological solutions they need to transform the fintech revolution in Africa into an engine of economic development for SMEs, which are the very fabric of our societies.”
Sadio Dicko, regional director for West Africa at Proparco, said he was delighted to support Rubyx.
“Through its platform, Rubyx is set to play a central role in the financial inclusion of African SMEs. Its algorithmic credit tool enables institutions and startups to offer rapid financing to a wider customer base that currently has no access to credit,” he said.
