Proparco has extended a €400,000 loan to Rubyx, an African startup, through the Bridge by Digital Africa facility. This funding aims to fast-track the deployment of Rubyx’s new algorithmic loan solutions, which are designed to support startups and microfinance institutions across the continent.
The Bridge by Digital Africa facility, supported by Digital Africa and managed by Proparco, provides young, innovative African companies with bridging finance of up to 24 months. This helps them accelerate their growth between rounds of financing.
Rubyx, which previously raised €600,000 in a seed round in 2022 and an additional €500,000 in an extension round from Saviu Ventures in March 2023, will use the new funding to scale its algorithmic loan assessment and automated loan management tools. These tools aim to enhance access to loan products for African Very Small Enterprises (VSEs) and Small and Medium-sized Enterprises (SMEs), thereby complementing the efforts of microfinance institutions in the region.
Denis Moniotte, CEO and co-founder of Rubyx, expressed his gratitude for Proparco’s support, highlighting the importance of this partnership in advancing their mission. “This investment from a key player in financial inclusion in Africa affirms the value of our innovative approach to SME credit. It will significantly accelerate the development and deployment of our digital lending technology. Our goal is to equip banks, microfinance institutions, payment providers, and fintechs with the necessary technological solutions to turn the fintech revolution in Africa into a driving force for SME economic development,” he said.
Sadio Dicko, Regional Director for West Africa at Proparco, echoed these sentiments, emphasizing Rubyx’s role in expanding financial inclusion. “Rubyx’s platform is poised to become a central figure in the financial inclusion of African SMEs. Its algorithmic credit tool allows institutions and startups to extend rapid financing to a broader customer base that currently lacks access to credit,” Dicko stated.
Grégoire de Padirac, Managing Director of Digital Africa, also commented on the partnership, saying, “We are committed to fostering innovation and supporting the growth of young African businesses. By accelerating the deployment of Rubyx’s groundbreaking 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.”