SC Ventures, the innovation and fintech arm of Standard Chartered, and Yabx Technologies, a Tech Mahindra group company, have jointly invested $10 million in Furaha, a purpose-driven lending platform focused on expanding financial access in sub-Saharan Africa.

Also read – Pipeshift Secures $2.5 Mn Led by Y Combinator & SenseAI Ventures

“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.

SC Ventures contributed $7 million, while Yabx provided technology transfer. Co-founded by Yustus Aribariho and Ian Fernandes and headquartered in Dubai’s DIFC, Furaha has launched its first offering in education financing, starting in Uganda.

Also read – Everstone Capital Acquires Majority Stake in SaaS Leader Wingify

“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.

Also read – Medusa Beverages Secures Rs 56 Cr Series A Funding

“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,” said Rajat Dayal, CEO, Yabx.