Senegalese Lending Startup Rubyx Gets $440K Loan for Product Rollout

Daba Finance/Senegalese Lending Startup Rubyx Gets $440K Loan to Accelerate Rollout

STARTUP VENTURE CAPITALSeptember 16, 2024 at 9:58 AM UTC

TLDR

Rubyx, a Senegalese fintech startup, secures a EUR400,000 loan from French development finance institution Proparco.
The funding aims to boost the implementation of Rubyx's new algorithmic loan service tailored for startups and microfinance institutions in Africa.
The loan, part of the Bridge by Digital program supported by Digital Africa and deployed by Proparco, supports innovative African firms by providing bridging finance to enhance their growth between funding rounds.

Rubyx, a Senegalese fintech startup, has received a EUR400,000 (US$440,000) loan from French development finance institution Proparco. The funding will help Rubyx accelerate the rollout of its new algorithmic loan offering, designed for startups and microfinance institutions across Africa.

Rubyx's cloud-native, API-driven digital lending platform enables service providers to quickly launch loan products, addressing the evolving needs of borrowers.

The loan, provided through the Bridge by Digital program, supported by Digital Africa, and deployed by Proparco, offers bridging finance to innovative African companies to accelerate their growth between funding rounds.

Key Takeaways

Rubyx previously raised a seed round in 2022 and an extension in 2023 from Saviu Ventures. With this loan, the startup is preparing for a Series A round to further expand its operations. The funding will support the rollout of Rubyx's algorithmic loan assessment tool and automated loan management solution, aimed at facilitating access to credit for African small and medium enterprises (SMEs) and very small enterprises (VSEs). This initiative complements existing microfinance activities across the continent, helping institutions expand financial inclusion.

Startups

Rubyx

Venture Debt

Proparco

Digital Africa

Fintech

Lending

Senegal