Yabx Technologies (Netherlands) B.V., a company of Tech Mahindra group, and SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, 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 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’s Dubai International Financial Centre (DIFC) and has extended its offerings to local operating markets in Africa, starting with Uganda as its first market.
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’s nimble future-ready platform with AI driven alternate lending capabilities, with SC Ventures’ 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.
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Company Name | CMP |
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TCS | 3612.35 |
Infosys | 1764.20 |
HCL Tech. | 1631.25 |
Wipro | 294.65 |
Tech Mahindra | 1587.20 |
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