Furaha, a purpose-driven lending platform aimed at boosting financial access across sub-Saharan Africa, has raised $10 million through a joint investment by SC Ventures, Standard Chartered’s innovation and fintech investment arm, and Yabx Technologies (Netherlands) B.V.
SC Ventures contributed $7 million, while Yabx, part of Tech Mahindra (NSE: TECHM), provided technology transfer valued at $3 million, the companies said in a statement.
Furaha, co-founded by Yustus Aribariho and Ian Fernandes and headquartered at Dubai International Financial Centre (DIFC), is initially focusing on education financing in Africa, starting with Uganda as its first market.
The platform is built on Yabx’s AI-driven lending capabilities and SC Ventures’ expertise in banking and risk management.
By combining these strengths, Furaha seeks to reduce the delivery costs of lending products while broadening financial inclusion across underserved segments.
SC Ventures’ chief executive believes the partnership reflects a shared vision of increasing financial inclusion and access in Africa, while simultaneously supporting a push to “rewire the DNA” in banking.
Tech Mahindra’s leadership stated that the alliance underscores a commitment to bridging gaps in access and opportunity, particularly in regions that can benefit most from digital financial solutions.
Africa’s youthful demographic—over 600 million children under the age of 18—highlights the importance of affordable education financing solutions.
Many parents face liquidity challenges or lack short-term credit options for timely school fee payments, often forcing children to discontinue their studies. The issue is most acute for families earning under $500 per month.
Furaha’s platform addresses this gap by creating a robust data ecosystem for credit scoring, enabling commercial banks to extend affordable loans toward education.
The company has already partnered with Opportunity Bank, SchPay, and MTN MoMo to launch its initial products in Uganda and plans to expand to other African markets in the near future.
Yabx’s leadership described this move into education financing as a pivotal step, emphasizing that the long-term impact on communities and economies could be transformative.
Furaha intends to leverage the combined expertise of SC Ventures, Yabx, and Tech Mahindra to improve education outcomes, drive innovation, and enhance financial inclusion throughout Africa.
