SC Ventures and Yabx Partner to Launch Furaha

SC Ventures, the innovation and fintech investment arm of Standard Chartered, has joined forces with Yabx Technologies (Netherlands) B.V., a Tech Mahindra group company, to launch Furaha, a purpose-driven lending platform aimed at increasing financial inclusion in sub-Saharan Africa.

The partnership, formalized through shareholder and technology collaboration agreements, marks a significant step in addressing critical financial challenges in the region.

The joint investment of $10 million includes a $7 million capital injection from SC Ventures and a technology transfer from Yabx. Headquartered at Dubai International Financial Centre (DIFC), Furaha is set to transform the financial landscape, starting with its flagship offering in education financing in Uganda, with plans to expand to other African markets.

Bridging Gaps in Access and Opportunity
Furaha aims to address one of the most pressing financial issues facing African families—access to affordable education financing. With Africa being home to over 600 million children under 18, the platform’s AI-driven alternate lending capabilities, powered by Yabx’s technology, and SC Ventures’ expertise in banking and risk management are poised to deliver impactful financial solutions.

“We are glad to partner with like-minded innovators like Yabx and Tech Mahindra who share our vision of increasing financial inclusion and access,”

said Alex Manson, CEO of SC Ventures.

“The partnership will help enhance purpose-driven financing in Africa and supports our work to rewire the DNA in banking.”

Yustus Aribariho and Ian Fernandes, co-founders of Furaha, envision the platform as a game-changer for families earning under $500 per month.

High-quality education often remains out of reach due to the lack of liquidity or access to short-term credit solutions. Furaha seeks to bridge this gap, enabling families to meet tuition deadlines and prevent disruptions in their children’s education.

A Transformative Approach to Financial Empowerment

“This partnership with SC Ventures is a big moment for Yabx,”

said Rajat Dayal, CEO of Yabx.

“It marks our first step into the education financing space. The long-term impact of a partnership like this is huge, and we’re excited to work with Furaha as they positively impact education outcomes in Uganda and other African countries in the coming months.”

Mohit Joshi, CEO and Managing Director of Tech Mahindra, highlighted the broader implications of this initiative:

“The transformative power of purpose-driven financing lies in its ability to bridge gaps in access and opportunity, particularly in regions like Africa. This strategic partnership aims to make financial solutions more inclusive and impactful.”

A New Era for Education Financing
Furaha’s innovative model combines cutting-edge technology with a mission to address societal challenges.

By reducing the cost of delivering lending products and expanding financial inclusion, Furaha is poised to redefine education financing in Africa and pave the way for a brighter future for millions of children.

For more information about Furaha, visit www.FurahaFinancial.com.

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