RubyX, a lending startup in Senegal, has received UR400,000 ($440,000) from Proparco, a French development finance institution.
The loan was facilitated by Bridge by Digital program which is backed by Digital Africa and implemented by Proparco. The program offers African companies access to bridging finance for up to 24 months, helping them advance their growth between funding rounds.
Rubyx, founded in 2018 by Denis Moniotte and Thomas Carrié, is a B2B that operates a cloud-native, data-driven, API-driven digital lending platform designed to help service providers quickly introduce innovative loan products and meet the changing needs of borrowers.
According to Rubyx, they have developed sophisticated algorithms that facilitate fairer credit scoring models and successfully launched products such as a nano loan with flexible repayment terms. In addition to the core technology, the startup has exposed various interfaces to boost the lending needs of their clients.
Clients are able to access 4 complementary solutions for their end-to-end operations. In 2023, the startup had deployed its solutions in 5 MFIs around the world.The startup, which raised a seed round in 2022 and an extension in 2023, plans to use the funds to boost the launch of a new algorithmic loan application assessment and automated loan management tool for other startups and microfinance institutions on the continent.
“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.”
Sadio Dicko, Regional Director for West Africa at Proparco, said he was delighted to support 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.
As reported by BitKE in 2023, RubyX was also among the finalists in the 2023 Ecobank Fintech Challenge.
RubyX is currently operational in:
- Senegal
- Ivory Coast
- Ghana
- Nigeria
- Tunisia
- Cameroon
- Jordan
- Georgia
- Madagascar
- India
- Cambodia, and
- Kenya
with team hubs in Dakar, Brussels, and Xi’An.
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