Senegalese startup Rubyx has secured a €400,000 ($440,000) loan from French development finance institution Proparco to accelerate the rollout of its new algorithmic lending offering for startups and microfinance institutions on the continent.
Ruby has developed a cloud-native, API-driven digital lending platform that enables service providers to rapidly launch innovative lending products and meet evolving borrower expectations.
The €400,000 ($440,000) loan granted to the startup is part of the Bridge by Digital, supported by Digital Africa and deployed by Proparco, which allows innovative African companies to benefit from bridging financing of up to 24 months to accelerate their development between two financing rounds.
Rubyx raised a seed round in 2022 and an extension in 2023 from Saviu Ventures, which this loan completes. It will soon seek Series A funding.
This funding will enable Rubyx to accelerate the deployment of its new algorithmic tool for evaluating credit applications and automated loan management among African startups and microfinance institutions. This new offering will facilitate access to credit products for African VSEs and SMEs. This partnership complements the activities of microfinance players in Africa.
“We are extremely grateful to Proparco for this valuable support. This mark of confidence from a major player in financial inclusion in Africa demonstrates the relevance of our innovative approach to SME lending. It accelerates the development and deployment of our digital lending technology,” said Denis Moniotte, CEO and co-founder of Rubyx.
“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, Proparco’s West Africa Regional Director, said he was delighted to support Rubyx.
“Through its platform, Rubyx is poised to play a pivotal role in the financial inclusion of African SMEs. Its algorithmic lending tool enables institutions and startups to offer rapid financing to a broader clientele that currently lacks access to credit,” he said.