DAVOS, Switzerland (BG) – SC Ventures, the innovation arm of Standard Chartered, and Yabx Technologies, part of Tech Mahindra, have invested $10 million to launch Furaha, a platform providing purpose-driven financing in Africa.
Furaha uses artificial intelligence and data-driven credit scoring to offer affordable education financing, addressing a major challenge for families with incomes under $500.
According to a statement released on Friday, SC Ventures contributed $7 million, while Yabx provided technology transfer, resulting in a combined investment of $10 million in Furaha, which aims to increase financial access across underserved African markets.
The platform focuses on loans for education, gender equity, and other socially responsible initiatives.
Based in Dubai’s International Financial Centre, Furaha has launched in Uganda, with plans to expand across sub-Saharan Africa.
“We are glad to partner with like-minded innovators like Yabx and Tech Mahindra to enhance financial inclusion in Africa,” said Alex Manson, Chief Executive Officer of SC Ventures.
Furaha collaborates with partners like Opportunity Bank, SchPay, and MTN MoMo in Uganda and is working to create a system that makes loans more accessible and impactful.
“This partnership with SC Ventures is a big moment for Yabx. It marks our first step into the education financing space,” said Rajat Dayal, CEO, Yabx.
Mohit Joshi, Chief Executive Officer and Managing Director of Tech Mahindra, emphasized the initiative’s potential impact: “The transformative power of purpose-driven financing lies in its ability to bridge gaps in access and opportunity, particularly in regions like Africa.
Africa is home to over 600 million children under 18, yet many families struggle to afford quality education.
With monthly household incomes often below $500, parents face difficulties accessing affordable credit to pay school fees, leading to delayed payments and disruptions in education.
Furaha aims to address these challenges by utilizing artificial intelligence and data-driven credit scoring to lower costs and expand access to financing.
In Uganda, Furaha has partnered with organizations such as Opportunity Bank, SchPay, and MTN MoMo to offer loans tailored to education needs.
The platform’s long-term goal is to create a robust ecosystem that supports financial inclusion while driving positive social outcomes.
“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,” Dayal added.
