Dubai - Sharikat Mubasher: Furaha, a pioneering provider of financial services based in Dubai, collected $10 million through a joint investment from SC Ventures, Standard Chartered’s fintech investment and ventures arm, and Yabx Technologies to expand access to purpose-driven financing in Africa

This investment will enable Furaha to extend its offerings to local operating markets in Africa, starting with Uganda as its first market, the company announced in a recent statement.

SC Ventures and Yabx Technologies signed a set of shareholder and technology collaboration agreements to formalize their joint investment in Furaha, with SC Ventures investing $7 million, while Yabx contributed through technology transfer, resulting in a combined investment of $10 million.

Alex Manson, CEO of SC Ventures, stated that the partnership will help enhance purpose-driven financing in Africa, supporting the company’s work to rewire the DNA of banking.

For his part, Rajat Dayal, CEO of Yabx, commented: “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.”

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 toward education financing.