EQS-News
SC Ventures and Yabx invest $10 Million to setup Furaha and expand access to purpose-driven financing in Africa
- SC Ventures and Yabx invest $10M in Furaha project.
- Furaha aims to enhance education financing in Africa.
- Partnership targets financial inclusion for underserved families.
EQS-News: Yabx / Key word(s): Investment SC Ventures and Yabx invest $10 Million to setup Furaha and expand access to purpose-driven financing in Africa |
- Furaha combines SC Ventures’ global expertise and risk management capability with Yabx’s future-ready tech and alternate lending platform
- Furaha offers purpose-driven loans centred around education, gender and other responsible lending pillars for African markets
SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, and Yabx Technologies (Netherlands) B.V. (https://Yabx.co/), a company of Tech Mahindra (www.TechMahindra.com) (NSE: TECHM) group, a leading global provider of technology consulting and digital solutions to enterprises across industries, have signed a set of shareholder and technology collaboration agreements to formalise their joint investment in Furaha. SC Ventures has invested $ 7 million, while Yabx BV has contributed through technology transfer, resulting in a combined investment of $10 million in Furaha. Incubated by SC Ventures, and co-founded by Yustus Aribariho and Ian Fernandes, Furaha is a purpose-driven lending platform aiming to make finance accessible across sub-Saharan Africa, with its first offering being in the education financing space. Furaha is headquartered in UAE’s Dubai International Financial Centre (DIFC) and has extended its offerings to local operating markets in Africa, starting with Uganda as its first market.
“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, SC Ventures.
“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. It's indeed an exciting beginning, and we look forward to collaborating with SC Ventures on many such initiatives that redefine financial empowerment and drive innovation globally," said Mohit Joshi, CEO and Managing Director, Tech Mahindra.