Furaha to revolutionize education financing with new investment
Standard Chartered’s innovation and ventures unit, SC Ventures, has supported Furaha with $7 million, a Dubai-based lending fintech with a focus on purpose-driven financing in Africa. This investment comes off the back of Yabx Technologies B.V’s technology transfer, bringing the total funding for Furaha to $10 million.
Yabx Technologies, a Netherlands-based company under the Tech Mahindra Group, have put pen to paper with SC Ventures, offering shareholder and technology collaboration agreements to support Furaha. Furaha was founded by Yustus Aribariho and Ian Fernandes, aiming to utilize SC Ventures’ risk management expertise and Yabx’s AI-driven lending platform to address the financial needs of underserved communities.
“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,” said Alex Manson, CEO of SC Ventures.
Mohit Joshi, CEO and Managing Director of Tech Mahindra, said: “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.”
Africa’s demographic landscape covers over 600 million children under the age of 18 . This underscores the urgent need for innovative financial solutions. For families earning under $500 a month, accessing affordable credit to fund education remains a significant challenge. Furaha’s inaugural focus on education financing addresses this gap by enabling parents to pay school fees through accessible and affordable loan products.
Furaha’s platform integrates Yabx’s advanced AI capabilities and alternative lending technologies to develop robust credit scoring systems using diverse data sets. This approach lowers the cost of delivering lending products while broadening access to credit for underserved communities.
Furaha has already forged strategic partnerships with Opportunity Bank, SchPay, and MTN MoMo in Uganda to pilot its offerings. “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,” said Rajat Dayal, CEO of Yabx.
The initiative reflects a broader push by SC Ventures and its partners to redefine traditional banking models through innovation. “Furaha’s vision is to create an ecosystem where financial solutions drive positive social change. By combining technology with purpose, we hope to unlock opportunities for millions of underserved individuals,” said Yustus Aribariho, Co-Founder of Furaha.
