SC Ventures, the innovation and fintech investment arm of Standard Chartered, and Yabx Technologies have formalized their partnership with a $10 million joint investment in Furaha.
SC Ventures contributed $7 million, while Yabx BV provided technology transfer to support this initiative.
Furaha, incubated by SC Ventures and co-founded by Yustus Aribariho and Ian Fernandes, is a lending platform dedicated to improving financial accessibility in sub-Saharan Africa.
Headquartered in Dubai International Financial Centre (DIFC) in the UAE, Furaha is rolling out its services in African markets, starting with Uganda.
Expressing enthusiasm for the collaboration, Alex Manson, CEO of SC Ventures, said, “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.”
Chief Executive Officer (CEO) and Managing Director of Tech Mahindra,Mohit Joshi emphasized the importance of the initiative, stating, “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 indeed an exciting beginning, and we look forward to collaborating with SC Ventures on many such initiatives that redefine financial empowerment and drive innovation globally.”
With Africa’s young population—over 600 million children under 18—Furaha’s education financing platform is poised to make a significant impact.
By leveraging Yabx’s AI-driven lending capabilities and SC Ventures’ expertise in banking and risk management, Furaha aims to reduce the cost of lending while promoting financial inclusion for underserved communities in Africa.
Rajat Dayal, CEO of Yabx, highlighted the significance of this venture, stating, “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.”
Education expenses remain one of the largest challenges for families, particularly those earning less than $500 per month.
Many parents struggle with liquidity and lack access to short-term credit solutions, making it difficult to pay school fees on time.
This often results in children missing out on education, which can have long-term effects on both their future and their communities.
Furaha addresses this critical issue by building a robust credit-scoring ecosystem that allows commercial banks to offer affordable education loans.
Currently operating in Uganda with partners such as Opportunity Bank, SchPay, and MTN MoMo, Furaha has plans to expand its reach to other African countries in the near future.
