Proparco has granted a €400,000 loan to Rubyx through the Bridge by Digital Africa facility. This will enable the African start-up to roll out its new algorithmic loan offering for start-ups and microfinance institutions on the continent.
It comes after the €600k seed round raised in 2022 and completes an extension round in March 2023 for €500k from Saviu Ventures, before the next Series A round.
Supported by Digital Africa and deployed by Proparco, the Bridge by Digital Africa facility enables young innovative African companies to benefit from bridging finance of up to 24 months to accelerate their development between two rounds of financing.
Proparco’s funding will enable Rubyx to accelerate the roll-out of its new algorithmic loan application assessment and automated loan management tool to African start-ups 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.
Denis Moniotte, CEO and co-founder of Rubyx: ‘ 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. 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: ‘We are delighted to support Rubyx through our Bridge By Digital Africa Facility. 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 start-ups to offer rapid financing to a wider customer base that currently has no access to credit.
Grégoire de Padirac, Managing Director of Digital Africa: ‘We are committed to encouraging innovation and supporting the growth of young African businesses. By accelerating the deployment of Rubyx’s revolutionary algorithmic lending solutions, we are not only strengthening financial inclusion but also paving the way for sustainable economic development across the continent. We are proud to support Rubyx in its mission to transform the financial landscape for African SMEs.’
