Proparco Backs Rubyx with $446,000 Loan to Boost African Fintech's Lending Platform Expansion

Rubyx, an African fintech startup, has secured a €400,000 (~$446,000) loan from Proparco through the Bridge by Digital Africa facility. The funding will boost the deployment of Rubyx’s algorithmic lending platform, aimed at improving credit access for startups and microfinance institutions across Africa.

Proparco, a key supporter of financial inclusion in Africa, provided this loan as part of its mission to back innovative African startups. The Bridge by Digital Africa facility offers interim financing to help young companies grow between funding rounds. Rubyx, which had already raised €600,000 in seed funding in 2022 and an additional €500,000 in March 2023 from Saviu Ventures, now brings its total financing to €1.5 million ($1.68 million). This latest loan is a critical step as the company prepares for its Series A round.

Founded in 2018 by Denis Moniotte and Thomas Carrié, the Senegal-based Rubyx uses advanced algorithms to streamline the lending process for small and medium-sized enterprises (SMEs) in Africa. By offering this technology to microfinance institutions and startups, Rubyx aims to close the credit gap for African SMEs, supporting their growth and economic contribution.

Source: Launch Base Africa