Introduction
Rubyx, a Senegalese fintech startup specializing in digital lending, has secured a EUR400,000 (US$440,000) loan from the French development finance institution Proparco. This funding will accelerate the rollout of Rubyx’s innovative algorithmic loan platform, aimed at supporting startups and microfinance institutions across Africa.
Rubyx’s Innovative Digital Lending Platform
Rubyx has developed a cutting-edge, cloud-native, API-driven digital lending platform that allows financial service providers to swiftly launch and manage innovative loan products. This platform is designed to meet the evolving needs of borrowers, offering a more responsive and tailored lending experience. By leveraging advanced algorithms, Rubyx’s platform enhances the ability of microfinance institutions and startups to assess loan applications and manage loans efficiently.
Proparco’s Bridge by Digital: Supporting Innovation in African Fintech
The EUR400,000 (US$440,000) loan Rubyx received is part of Proparco’s Bridge by Digital initiative, which is supported by Digital Africa. This initiative provides bridging finance to innovative African companies, helping them to accelerate their growth and development during critical periods between financing rounds. Rubyx’s loan follows a successful seed round in 2022, with an extension in 2023 from Saviu Ventures. This latest funding complements previous investments and positions Rubyx for its upcoming Series A round.
Expanding Access to Finance for African Startups and SMEs
The debt funding from Proparco will enable Rubyx to accelerate the deployment of its new algorithmic loan application assessment and automated loan management tool. This innovative offering is designed to improve access to financing for African very small enterprises (VSEs) and small and medium-sized enterprises (SMEs). By providing banks, microfinance institutions, payment providers, and fintechs with advanced technological solutions, Rubyx is helping to transform the fintech landscape in Africa into a powerful engine for economic development.
Rubyx and Proparco: A Partnership for Financial Inclusion
Denis Moniotte, CEO and co-founder of Rubyx, expressed his gratitude for Proparco’s support, stating, “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.”
Rubyx’s ambition is to play a central role in Africa’s fintech revolution, providing essential technological solutions that enable financial institutions to extend credit more widely and efficiently. The partnership with Proparco not only accelerates Rubyx’s growth but also strengthens its mission to enhance financial inclusion for SMEs, which are critical to the economic fabric of African societies.
The Impact on Financial Inclusion in Africa
Sadio Dicko, regional director for West Africa at Proparco, expressed his excitement about supporting Rubyx, noting, “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.”
This partnership between Rubyx and Proparco is a significant step toward expanding financial inclusion across Africa. By empowering financial institutions with innovative tools to assess and manage loans, Rubyx is helping to bridge the gap in access to credit for underserved VSEs and SMEs, driving economic growth and development across the continent.
