{"id":25582,"date":"2025-01-24T08:48:49","date_gmt":"2025-01-24T08:48:49","guid":{"rendered":"https:\/\/techandbiz.com.ng\/tab-backup\/?p=25582"},"modified":"2025-01-24T08:51:59","modified_gmt":"2025-01-24T08:51:59","slug":"sc-ventures-and-yabx-a-tech-mahindra-group-company-invest-10-million-to-setup-furaha-and-expand-access-to-purpose-driven-financing-in-africa","status":"publish","type":"post","link":"https:\/\/techandbiz.com.ng\/tab-backup\/2025\/01\/24\/sc-ventures-and-yabx-a-tech-mahindra-group-company-invest-10-million-to-setup-furaha-and-expand-access-to-purpose-driven-financing-in-africa\/","title":{"rendered":"SC Ventures and Yabx, a Tech Mahindra Group company, invest $10 Million to setup Furaha and expand access to purpose-driven financing in Africa"},"content":{"rendered":"

SC Ventures, Standard Chartered\u2019s innovation, fintech investment and ventures arm, and Yabx Technologies (Netherlands) B.V., a company of Tech Mahindra (NSE: TECHM) group (http:\/\/apo-opa.co\/42pTSb4<\/a>), 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 (www.FurahaFinancial.com<\/a>). 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\u2019s Dubai International Financial Centre (DIFC) and extending its offerings to local operating markets in Africa, starting with Uganda as its first market.<\/p>\n

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The partnership will help enhance purpose-driven financing in Africa and supports our work to rewire the DNA in banking<\/p><\/blockquote>\n<\/div>\n

\u201cWe 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,\u201d said Alex Manson, CEO, SC Ventures.<\/strong><\/p>\n

\u201cThe 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.<\/strong><\/p>\n

Africa has the youngest demographics globally with over 600 million children under the age of 18. An education financing platform like Furaha could positively impact families across the continent. Furaha leverages Yabx\u2019s nimble future-ready platform with AI driven alternate lending capabilities, with SC Ventures\u2019 deep understanding of banking and risk management to reduce the cost of delivering purpose-driven lending products and widen financial inclusion across underserved segments in Africa.<\/p>\n

\u201cThis 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\u2019re excited to work with Furaha as they positively impact education outcomes in Uganda and other African countries \u00a0in the coming months,\u201d said Rajat Dayal, CEO, Yabx.<\/strong><\/p>\n

Among the biggest expenses families have to account for is the cost for good quality education for their children. Most parents lack adequate liquidity or access to short-term borrowing instruments \u2014 like credit cards or affordable, digital loans \u2014 and regularly face challenges paying school fees on time. Delayed or unpaid school fees often results in children unable to continue or complete their education, which impacts their future prospects and importantly the community and country\u2019s development. The challenge is especially acute for parents with monthly incomes under $500.<\/p>\n

Furaha offers a much-needed solution for parents and schools by creating a rich ecosystem of data for credit scoring and enabling commercial banks to channel affordable credit towards education financing. Furaha has started offering loan products in Uganda with partners including Opportunity Bank, SchPay and MTN MoMo and plans are underway to expand to other countries in Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

SC Ventures, Standard Chartered\u2019s innovation, fintech investment and ventures arm, and Yabx Technologies (Netherlands) B.V., a company of Tech Mahindra (NSE: TECHM) group (http:\/\/apo-opa.co\/42pTSb4), 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 […]<\/p>\n","protected":false},"author":1,"featured_media":25585,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[444,66,76,343],"tags":[],"class_list":["post-25582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","category-gadgets","category-government","category-international"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/25582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=25582"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/25582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/25585"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=25582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=25582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=25582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}