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Senegalese fintech startup Rubyx raised $440K loan from Proparco

French development finance organization Proparco has awarded a EUR400,000 (US $440,000) loan to Senegalese lending startup Rubyx in order to expedite the launch of its new algorithmic loan offering for microfinance institutions and startups throughout the continent.

With the help of Rubyx, service providers can now quickly introduce novel loan products and satisfy the changing needs of borrowers thanks to their cloud-native, API-driven digital lending platform.

With the help of Digital Africa and Proparco, the startup was able to secure a loan of EUR400,000 (roughly $440,000) through the Bridge by Digital. This program allows forward-thinking African businesses to take advantage of up to 24 months of bridging financing to expedite their development in between rounds of funding.

Rubyx raised a seed round in 2022 and received an extension from Saviu Ventures in 2023, which is fulfilled by this loan. Soon, it will look for a Series A funding round.

Rubyx will be able to roll out its new algorithmic loan application assessment and automated loan management tool to African microfinance institutions and startups more quickly thanks to the debt funding. African SMEs and VSEs will have easier access to loan products thanks to this new offering. The efforts of the African microfinance players are enhanced by this collaboration.

“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,” Denis Moniotte, CEO and co-founder of Rubyx, said.

“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.”

Regional Director of Proparco’s West Africa, Sadio Dicko, expressed his delight at supporting Rubyx.

“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 startups to offer rapid financing to a wider customer base that currently has no access to credit,” he said.

 

 

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