Grace Ashiru
Proparco has granted a €400,000 loan to Rubyx through the Bridge by Digital Africa facility. This funding will allow the African start-up to accelerate the deployment of its new algorithmic loan offering, targeting both start-ups and microfinance institutions across the continent.
Supported by Digital Africa and managed by Proparco, the Bridge by Digital Africa facility provides young, innovative African companies with bridging finance for up to 24 months, helping them accelerate development between financing rounds.
Rubyx, a start-up, has recently secured a €400,000 loan under this initiative. This follows the €600,000 seed round raised in 2022 and completes an extension round in March 2023, which brought in €500,000 from Saviu Ventures, ahead of the forthcoming Series A round.
The funding from Proparco will enable Rubyx to speed up the roll-out of its new algorithmic loan application assessment and automated loan management tool designed for African start-ups and microfinance institutions. This innovative offering aims to improve access to loan products for African VSEs and SMEs, complementing the work of existing microfinance players on the continent.
Denis Moniotte, CEO and co-founder of Rubyx, expressed deep gratitude to Proparco for their valuable support, highlighting that this endorsement from a key player in financial inclusion in Africa affirms the significance of Rubyx’s innovative credit solutions for SMEs. Moniotte emphasized that this partnership will speed up the development and implementation of their digital lending technology. “Our goal,” he stated, “is to provide banks, microfinance institutions, payment providers, and fintech companies with the necessary technological solutions to transform the fintech revolution in Africa into a driver of economic growth for SMEs, which are the backbone of our societies.”
Sadio Dicko, Proparco’s Regional Director for West Africa, shared his enthusiasm for supporting Rubyx through the Bridge By Digital Africa Facility. He noted that Rubyx is poised to be a pivotal player in the financial inclusion of African SMEs through its platform. Dicko explained, “The company’s algorithmic credit tool allows institutions and start-ups 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 the expansion of young African businesses. He noted that by accelerating the roll-out of Rubyx’s pioneering algorithmic lending solutions, they are not only enhancing financial inclusion but also laying the groundwork for sustainable economic development across the continent. “We are proud to back Rubyx in its mission to revolutionize the financial landscape for African SMEs,” de Padirac stated.
