SC Ventures and Yabx Invest $10 Million to Launch Furaha, Expanding Access to Education Financing in Africa
SC Ventures, the innovation and fintech investment arm of Standard Chartered, and Yabx Technologies B.V., a Tech Mahindra group company, have announced a joint investment of $10 million to establish Furaha, a purpose-driven lending platform aimed at expanding access to education financing across Africa.
SC Ventures has invested $7 million, while Yabx has contributed through technology transfer, combining their expertise to create an innovative financial solution for underserved markets.
Furaha, headquartered in Dubai International Financial Centre (DIFC), has launched its first operations in Uganda, with plans to expand across sub-Saharan Africa.
Furaha aims to bridge financial gaps for families struggling to afford quality education. With over 600 million children under 18 in Africa, the demand for accessible education loans is high.
Many parents, especially those earning less than $500 per month, face challenges in paying school fees on time, which can hinder children’s education and impact overall community development.
“We are excited to partner with Yabx and Tech Mahindra to enhance purpose-driven financing in Africa,” said Alex Manson, CEO of SC Ventures. “This partnership aligns with our mission to rewire the DNA in banking and provide impactful solutions to underserved communities.”
Furaha leverages Yabx’s AI-driven alternative lending platform and SC Ventures’ risk management capabilities to provide affordable loans. The platform creates a comprehensive credit scoring system by integrating data from commercial banks and mobile money operators, such as MTN MoMo and SchPay, ensuring accessibility for families and schools.
“This partnership is a significant step for Yabx as we enter the education financing space,” said Rajat Dayal, CEO of Yabx. “We look forward to positively impacting education outcomes in Uganda and beyond.”
Currently operating in Uganda, Furaha is collaborating with local financial institutions like Opportunity Bank and aims to expand into other African countries in the coming months. The initiative is expected to enhance financial inclusion and make quality education more accessible to millions of African families.
