Furaha, a purpose-driven lending platform headquartered in Dubai International Financial Centre (DIFC), has announced its mission to enhance financial inclusion across sub-Saharan Africa.
The platform recently secured $10m in funding, a joint investment between SC Ventures, Standard Chartered’s FinTech investment arm, and Yabx Technologies, part of the Tech Mahindra Group. SC Ventures contributed $7m, while Yabx provided the balance through technology transfer agreements.
Furaha leverages advanced technology and alternative lending capabilities to deliver accessible financing solutions. The platform combines SC Ventures’ risk management expertise with Yabx’s AI-driven lending infrastructure to reduce costs and broaden access to underserved communities. Its first offering focuses on education financing, helping families manage school fees and secure brighter futures for their children.
The new funding will support Furaha’s expansion across African markets. Beginning operations in Uganda, the platform has already partnered with Opportunity Bank, SchPay, and MTN MoMo to roll out affordable education loan products.
SC Ventures CEO Alex Manson highlighted the partnership’s significance, stating, “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.”
Yabx CEO Rajat Dayal emphasised the transformative potential of the initiative: “This 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’re excited to work with Furaha as they positively impact education outcomes in Uganda and other African countries in the coming months.”
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