Rubyx Secures €400,000 Loan from Proparco to Accelerate Algorithmic Lending for African Startups and SMEs

Rubyx has designed a cloud-based, API-enabled digital lending platform that empowers financial service providers to quickly create innovative loan products that align with modern borrower expectations. The recent €400,000 (US$440,000) loan is part of the Bridge by Digital program, backed by Digital Africa and managed by Proparco, which offers bridging finance to African innovators for up to 24 months as they grow between funding rounds.

Having already completed a seed round in 2022, followed by an extension in 2023 led by Saviu Ventures, this new funding rounds off Rubyx's recent financing efforts. The company plans to pursue a Series A round in the near future. This debt financing will allow Rubyx to fast-track the rollout of its advanced algorithmic lending assessment tool and automated loan management system to African startups and microfinance organizations. The new service aims to provide easier access to loan products for African small businesses (VSEs and SMEs), enhancing the efforts of microfinance institutions on the continent.

"We are deeply thankful to Proparco for this significant support. Their trust is a strong endorsement of our innovative approach to lending for SMEs," said Denis Moniotte, Rubyx’s CEO and co-founder. "This funding enables us to expedite the development and deployment of our digital lending solutions."

Moniotte highlighted Rubyx's goal to equip banks, microfinance institutions, payment providers, and fintechs with the technological tools necessary to turn the fintech revolution into a driving force for SME growth across Africa, a critical component of the region's economic fabric.

Sadio Dicko, Proparco's regional director for West Africa, expressed his enthusiasm for supporting Rubyx. "Rubyx is positioned to make a significant impact on financial inclusion for African SMEs. Their algorithmic lending solution allows institutions and startups to deliver quick and accessible financing to a broader range of customers who currently lack access to credit," he remarked.