Financing for Rubyx to Enhance Microfinance and Startup Growth throughout Africa, Courtesy of Proparco
Digital Africa, a leading institution in promoting digital transformation across Africa, has announced a partnership with Rubyx, a fintech company revolutionising financial services for Small and Medium Enterprises (SMEs) on the continent. This collaboration, endorsed by Proparco, aims to enhance financial inclusion and pave the way for sustainable economic development.
The partnership will see Rubyx deploy an algorithmic loan application assessment and automated loan management tool, made possible by a €400,000 loan from Proparco. This tool is designed to improve access to loan products for African Very Small Enterprises (VSEs) and SMEs, as well as start-ups and microfinance institutions.
Grégoire de Padirac, Managing Director of Digital Africa, expressed pride in backing Rubyx in its mission to revolutionise the financial landscape for African SMEs. He reaffirmed Digital Africa's commitment to fostering innovation and supporting the expansion of young African businesses.
Proparco's Regional Director for West Africa, Sadio Dicko, shared his enthusiasm for supporting Rubyx, stating that the institution's innovative credit solutions are significant for SMEs. Denis Moniotte, CEO and co-founder of Rubyx, expressed gratitude to Proparco for their support.
The loan is being facilitated through the Bridge by Digital Africa facility, which provides bridging finance for up to 24 months to young, innovative African companies. This is the second funding received by Rubyx, following a €600,000 seed round in 2022.
The funding will be used to accelerate the deployment of Rubyx's new algorithmic loan offering. The partnership between Proparco and Rubyx will speed up the development and implementation of digital lending technology, ultimately benefiting a wider customer base that currently lacks access to credit.
Rubyx's goal is to provide banks, microfinance institutions, payment providers, and fintech companies with technological solutions to transform the fintech revolution in Africa into a driver of economic growth for SMEs. By accelerating the roll-out of Rubyx's pioneering algorithmic lending solutions, Digital Africa is positioning itself as a key player in the financial inclusion of African SMEs.
In March 2023, Rubyx also secured €500,000 from Saviu Ventures in an extension round. The institution announcing the financial support for Rubyx's successful development and implementation of their digital credit solutions is Orange. This partnership underscores the commitment of these institutions towards fostering a digital economy in Africa, with a particular focus on SMEs.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
