SC Ventures and Yabx Invest $10 Million to Launch Furaha, Expanding Access to Education Financing in Africa

Today SC Ventures, the innovation and fintech arm of Standard Chartered, and Yabx Technologies, a Tech Mahindra Group company, have invested $10 million to launch Furaha, a lending platform aimed at improving financial access in Africa. Furaha’s first focus is on providing affordable education financing for families across the continent.

SC Ventures contributed $7 million to the initiative, while Yabx provided technology expertise through its AI-driven lending platform. Headquartered in Dubai’s International Financial Centre (DIFC), Furaha has begun operations in Uganda and plans to expand to other African markets soon.

“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. “This partnership supports our work to rewire the DNA in banking.”

Furaha is co-founded by Yustus Aribariho and Ian Fernandes. The platform combines Yabx’s technology with SC Ventures’ banking expertise to create a system that offers loans for education, gender equity, and other socially responsible purposes. Its goal is to make loans affordable for families, especially those earning less than $500 a month, who often struggle to pay school fees.

“The transformative power of purpose-driven financing lies in its ability to bridge gaps in access and opportunity, particularly in regions like Africa,” said Mohit Joshi, CEO and managing director of Tech Mahindra. “This partnership aims to make financial solutions more inclusive and impactful.”

Furaha collaborates with local partners like Opportunity Bank, SchPay, and MTN MoMo in Uganda to deliver its services. By creating a data-driven system for credit scoring, it enables banks to offer affordable loans and helps families pay school fees on time, ensuring children can continue their education without interruptions.

“This partnership with SC Ventures is a big moment for Yabx,” said Rajat Dayal, CEO of Yabx. “We’re excited to work with Furaha as they positively impact education outcomes in Uganda and other African countries in the coming months.”

With Africa’s population including over 600 million children under 18, Furaha’s focus on education financing has the potential to improve opportunities for families and drive development across the continent.

Recently, Tech Mahindra reported a 92.6% year-on-year (YoY) increase in net profit for the third quarter ended December 31, 2024, reaching $115 million, with a total revenue of revenue for the quarter rising to $1.56 billion.
The growth came despite the IT sector’s seasonal challenges, including holidays and furloughs, which typically impact performance. Tech Mahindra secured new deal wins with a total contract value (TCV) of $745 million during the third quarter.