SC Ventures and Yabx Invest $10 Million to Launch Furaha, Transforming Purpose-Driven Financing in Africa
SC Ventures, Standard Chartered’s fintech innovation arm, and Yabx, a Tech Mahindra group company, have announced a joint $10 million investment in Furaha, a purpose-driven lending platform aimed at expanding financial inclusion across sub-Saharan Africa. SC Ventures contributed $7 million, while Yabx provided cutting-edge technology to power the platform.
Headquartered at Dubai International Financial Centre (DIFC), Furaha is co-founded by Yustus Aribariho and Ian Fernandes. The platform’s first focus is education financing, beginning in Uganda, with plans to scale across Africa.
Furaha combines SC Ventures’ global banking expertise and risk management capabilities with Yabx’s AI-driven lending platform to deliver affordable loans centered on education, gender, and other social pillars.
Alex Manson, CEO, SC Ventures, emphasized the platform’s transformative potential: “We are glad to partner with like-minded innovators like Yabx and Tech Mahindra who share our vision of increasing financial inclusion and access. The partnership will help enhance purpose-driven financing in Africa and supports our work to rewire the DNA in banking.”
Mohit Joshi, CEO and Managing Director, Tech Mahindra, highlighted the significance of the partnership: “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. It’s an exciting beginning, and we look forward to collaborating with SC Ventures on many such initiatives that redefine financial empowerment and drive innovation globally.”
Rajat Dayal, CEO, Yabx, emphasized the importance of entering the education financing space: “This partnership with SC Ventures is a big moment for 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.”
Africa, home to the youngest population globally, faces challenges in financing education, especially for families earning under $500 per month. Furaha addresses this gap by creating an innovative credit-scoring ecosystem, allowing commercial banks to channel affordable loans toward education.
Furaha has partnered with Opportunity Bank, SchPay, and MTN MoMo in Uganda and plans to extend its services to other African markets.
Distributed by APO Group on behalf of Furaha.
