SC Ventures and Yabx Invests $10M in Furaha to Transform Education - MSME
Summary
SC Ventures, the innovation and fintech arm of Standard Chartered, and Yabx Technologies, a subsidiary of Tech Mahindra, have jointly invested $10 million in Furaha, a lending platform focused on education financing in sub-Saharan Africa. SC Ventures contributed $7 million, while Yabx provided technology transfer to support this purpose-driven initiative.Headquartered in Dubais International Financial Centre (DIFC), Furaha aims to make finance more accessible, starting with Uganda as its first market. Many families, especially those earning less than $500 monthly, struggle to pay school fees on time due to limited access to credit. The initiative also aligns with SC Ventures mission to rewire traditional banking by driving innovation and inclusivity in underserved markets. As Furaha plans to expand across Africa, its impact on education financing could redefine financial empowerment and improve the prospects of millions of African families.