Rubyx CEO says Proparco’s backing will help speed up implementation of digital lending solutions
Proparco has granted a €400,000 loan to Rubyx through the Bridge by Digital Africa facility, aimed at accelerating the launch of its innovative algorithmic loan offerings for startups and microfinance institutions across the continent.
The Bridge by Digital Africa facility, managed by Proparco and supported by Digital Africa, provides crucial bridging finance for up to 24 months. This funding is intended to help emerging African companies advance their development between funding rounds. Rubyx’s recent loan follows a €600,000 seed round raised in 2022 and a €500,000 extension round secured in March 2023 from Saviu Ventures, paving the way for a forthcoming Series A round.
With this new funding, Rubyx will expedite the deployment of its algorithmic loan application assessment and automated loan management tools, specifically designed for African startups and microfinance institutions. This initiative seeks to improve access to financial products for Very Small Enterprises (VSEs) and Small and Medium-sized Enterprises (SMEs), complementing the efforts of existing microfinance players in Africa.
Denis Moniotte, CEO and co-founder of Rubyx, expressed his appreciation for Proparco’s support, noting that this partnership reflects the relevance of their innovative credit solutions for SMEs. He stated, “Our ambition is to provide banks, microfinance institutions, payment providers, and fintechs with the necessary technological solutions to drive economic growth for SMEs, which are the backbone of our societies.”
Sadio Dicko, Regional Director for West Africa at Proparco, emphasized Rubyx’s potential to enhance financial inclusion for African SMEs. He remarked, “Rubyx is poised to play a pivotal role in enabling institutions and startups to offer swift financing to a broader customer base that currently lacks access to credit.”
Grégoire de Padirac, Managing Director of Digital Africa, reaffirmed their commitment to fostering innovation and supporting young African businesses. He noted that by accelerating Rubyx’s algorithmic lending solutions, they are not only promoting financial inclusion but also laying the foundation for sustainable economic development across the continent. “We are proud to support Rubyx in its mission to transform the financial landscape for African SMEs,” de Padirac stated.
This partnership marks a significant step toward improving access to finance for African entrepreneurs and small businesses, reinforcing the importance of innovative financial solutions in the region’s economic landscape.
About Proparco
Proparco, part of the Agence Française de Développement (AFD) group, focuses on supporting private sector growth in developing countries. Through strategic investments and expertise, Proparco aims to foster sustainable economic development.
About Rubyx
Rubyx is a fintech startup dedicated to revolutionizing the lending landscape for African SMEs. By leveraging algorithmic solutions and automated tools, Rubyx enhances access to finance, driving growth and promoting financial inclusion across the continent.
