SC Ventures and Yabx Invest $10 Million to Launch FURAHA.

Davos, Switzerland, January 24, 2025 — SC Ventures, the innovation and fintech investment arm of Standard Chartered, and Yabx Technologies (Netherlands) B.V., part of Tech Mahindra, have jointly invested $10 million in Furaha, a purpose-driven lending platform that aims to improve financial inclusion across Africa. SC Ventures contributed $7 million, while Yabx provided technology transfer, marking a strategic collaboration to enhance financial access and sustainability in underserved African markets.

Furaha is set to revolutionize financing by focusing on education loans as its first offering. The platform, headquartered in Dubai International Financial Centre (DIFC), has already launched operations in Uganda, with plans for expansion across Sub-Saharan Africa. Furaha’s mission aligns with SC Ventures and Yabx’s shared vision to promote financial inclusion and responsible lending practices that directly address critical needs within the region.

“We are excited to collaborate with Yabx and Tech Mahindra, whose expertise in tech and innovation perfectly complements our goals,” said Alex Manson, CEO of SC Ventures. “This partnership is a significant step forward in improving access to purpose-driven financing in Africa, ultimately changing the way banking services are delivered.”

Mohit Joshi, CEO and Managing Director of Tech Mahindra, highlighted the transformative potential of purpose-driven financing. “By bridging access gaps, especially in underserved regions like Africa, we can drive positive, lasting change. Our partnership with SC Ventures and Furaha represents an exciting new frontier in financial empowerment,” he said.

Africa’s rapidly growing young population, with over 600 million children under 18, faces substantial barriers to accessing quality education due to financial limitations. Furaha addresses this challenge by utilizing Yabx’s AI-powered platform and SC Ventures’ banking expertise to reduce the cost of delivering loans. This collaboration aims to ensure that educational financing becomes more accessible and affordable for families across the continent.

“This partnership with SC Ventures is a major milestone for Yabx. We’re excited to enter the education financing sector and partner with Furaha to create significant, positive impacts on education outcomes in Uganda and other African countries,” said Rajat Dayal, CEO of Yabx.

Furaha’s platform offers a critical solution for parents who face difficulties paying school fees, often due to a lack of liquidity or access to short-term borrowing instruments. By offering affordable education loans, Furaha helps keep children in school, thereby improving their future prospects and contributing to the overall development of communities and countries.

Starting in Uganda, Furaha is already working with partners such as Opportunity Bank, SchPay, and MTN MoMo to provide loans, with plans to expand to other African nations.