SC Ventures, the innovation and fintech investment arm of Standard Chartered, has partnered with Yabx Technologies (Netherlands), a Tech Mahindra group company, to invest in Furaha, a purpose-driven lending platform focused on education financing in Africa.
Through a combination of equity investment and technology transfer, SC Ventures has injected $7 million, while Yabx BV has contributed its advanced fintech capabilities, bringing the total investment in Furaha to $10 million. Furaha, co-founded by Yustus Aribariho and Ian Fernandes, was incubated by SC Ventures and is headquartered at Dubai International Financial Centre (DIFC). The company is launching operations in Africa, with Uganda as its first market.
“We are excited to collaborate with Yabx and Tech Mahindra, who share our commitment to increasing financial access. This partnership will enhance purpose-driven financing in Africa and help reshape the future of banking,” said Alex Manson, CEO of SC Ventures.
On his part, Yabx Chief Executive Rajat Dayal, “This collaboration marks a milestone for Yabx as we step into education financing. The long-term impact is significant, and we are eager to support Furaha in improving education outcomes in Uganda and other African markets.”
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Tackling the Education Financing Gap in Africa
Africa is home to the world’s youngest population, with over 600 million children under the age of 18. However, many families struggle to afford quality education due to limited access to credit or short-term borrowing options. This challenge is particularly acute for parents earning below $500 per month, who often face difficulties in paying school fees on time.
Furaha is looking at bridging this gap by leveraging Yabx’s AI-driven lending technology and SC Ventures’ expertise in banking and risk management. The platform enables commercial banks to extend affordable credit for education financing, reducing financial barriers for families.
The company has already partnered with Opportunity Bank, SchPay, and MTN MoMo to provide education loans in Uganda. Plans are underway to expand into other African countries.
Driving Financial Innovation
“Financial solutions should be inclusive and impactful, particularly in underserved regions like Africa. This partnership with SC Ventures is just the beginning of a journey that will redefine financial empowerment and innovation on a global scale,” said Mohit Joshi, CEO and Managing Director of Tech Mahindra.
As Furaha scales its operations, its education financing model has the potential to uplift millions of families, ensuring that children can continue their education without financial disruptions.
