SC Ventures backs Africa-focused financing company
SC Ventures and Yabx have made a combined investment of $10 million in Furaha.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
SC Ventures, Standard Chartered’s venture capital arm, and Yabx Technologies, a company of Tech Mahindra, 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 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 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 extending 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 of 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 of Tech Mahindra.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here