Furaha Raises $10M to Transform Education Financing Across Africa

Furaha Raises $10M to Transform Education Financing Across Africa

Furaha, a dedicated lending platform based in the Dubai International Financial Centre (DIFC), is on a mission to promote financial inclusion throughout sub-Saharan Africa. Recently, the company secured $10 million in funding, a collaborative investment from SC Ventures, the FinTech investment division of Standard Chartered, and Yabx Technologies, part of the Tech Mahindra Group.

Funding Details and Contributions

The recent funding round was structured as follows:

  • SC Ventures: Contributed $7 million.
  • Yabx Technologies: Provided the remaining funds through technology transfer agreements.

Innovative Lending Solutions

Furaha utilizes advanced technology and alternative lending methods to provide accessible financing options. The platform merges SC Ventures’ expertise in risk management with Yabx’s AI-driven lending infrastructure. This combination aims to:

  • Reduce costs for borrowers.
  • Broaden access to financial services for underserved communities.

Focus on Education Financing

The initial offering from Furaha is centered around education financing. This initiative aims to assist families in managing school fees, paving the way for better educational opportunities for children.

Expansion Plans Across Africa

The new funding will facilitate Furaha’s expansion into various African markets, starting with Uganda. To launch affordable education loan products, the platform has formed partnerships with:

  • Opportunity Bank
  • SchPay
  • MTN MoMo

Leadership Insights

SC Ventures CEO, Alex Manson, commented on the partnership: “We are excited to collaborate with innovative partners like Yabx and Tech Mahindra who share our vision of enhancing financial inclusion. This partnership is a step forward in transforming financing in Africa and aligns with our goal to revolutionize banking practices.”

Yabx CEO, Rajat Dayal, emphasized the significance of this initiative in the education sector: “This partnership with SC Ventures represents a pivotal moment for Yabx as we enter the education financing domain. We are thrilled to work with Furaha and contribute to improved education outcomes in Uganda and beyond.”

READ ALSO  Exploring Grok 3: The Game-Changing AI Model Set to Transform the Industry

For more information on financial inclusion initiatives in Africa, visit World Bank’s Financial Inclusion page or explore our financial solutions.

Similar Posts

Phynd Secures $10M Investment to Revolutionize Subscription-Free Smart TV Cloud Gaming

Phynd Secures $10M Investment to Revolutionize Subscription-Free Smart TV Cloud Gaming

Bysupport

Phynd has secured a $10 million investment to enhance its subscription-free smart TV cloud gaming platform, reflecting the rising popularity of cloud gaming. This funding will help expand Phynd’s offerings and improve user experience, attracting gamers who prefer cost-effective entertainment without subscription fees. Founded by a team with extensive tech and gaming backgrounds, Phynd aims to revolutionize gaming accessibility and affordability. Future plans include expanding the game library, enhancing streaming technology, and increasing marketing efforts. Phynd’s success could significantly impact the gaming industry, prompting adaptations in traditional gaming models. Stay tuned for updates on this innovative venture.

Nirvana Secures $80M Funding to Revolutionize AI-Driven Trucking Insurance Platform

Nirvana Secures $80M Funding to Revolutionize AI-Driven Trucking Insurance Platform

Bysupport

Nirvana Insurance, an AI-driven commercial trucking insurance provider, has successfully raised $80 million in a Series C funding round, boosting its valuation to around $850 million. The investment, led by General Catalyst with support from existing investors, will aid in expanding Nirvana’s AI-powered insurance platform, which has already surpassed $100 million in premiums and doubled revenue year-over-year. Utilizing over 20 billion miles of driving data, Nirvana enhances risk assessment, underwriting, and claims processing for fleet operators. CEO Rushil Goel and co-founder Abhay Mitra highlight the importance of their technology in delivering personalized, real-time insurance solutions that prioritize safety.

UK FinTech Revving Secures £107M to Transform Invoice Factoring in Digital Media

UK FinTech Revving Secures £107M to Transform Invoice Factoring in Digital Media

Bysupport

Revving, a leading FinTech scale-up, has secured a £107 million investment to address cash flow issues in the UK adtech sector. Spearheaded by DWS, this funding includes £100 million for debt financing, aimed at enhancing liquidity. Revving offers a technology-driven alternative to traditional invoice factoring, allowing adtech businesses quicker access to working capital by integrating with digital marketplaces. This funding will help tackle extended payment terms and facilitate up to £1.8 billion in financing over three years, potentially generating an £8.6 billion economic impact. CEO Chris Pettit emphasized the importance of combating late payments affecting over 50,000 businesses.

Unlocking Clarity: The New IFRS Guide for Streamlined Climate-Related Financial Reporting

Unlocking Clarity: The New IFRS Guide for Streamlined Climate-Related Financial Reporting

Bysupport

The IFRS Foundation has released a significant guide, “Applying IFRS S1 when Reporting Only Climate-Related Disclosures in Accordance with IFRS S2,” to assist companies in reporting climate-related information under ISSB Standards. This guide aims to enhance transparency and investor confidence by allowing firms to focus solely on climate disclosures without the need to report other sustainability risks. It responds to investor demands for critical climate data, streamlines the reporting process, and improves information quality. Additionally, the ISSB has introduced transition reliefs, such as the ‘climate-first’ relief, to help companies navigate these requirements effectively.

NinjaOne Raises $500M in Series C Funding, Achieving Impressive $5B Valuation

NinjaOne Raises $500M in Series C Funding, Achieving Impressive $5B Valuation

Bysupport

NinjaOne has raised $500 million in Series C funding, boosting its valuation to $5 billion. Led by ICONIQ Growth and CapitalG, the investment will enhance autonomous endpoint management, automated patching, and vulnerability remediation. The company plans to strengthen customer support and acquire Dropsuite for $262 million. With over 24,000 customers globally, including brands like Nvidia and Porsche, NinjaOne offers a cloud-native platform that automates patch management and reduces operational costs. Co-founders Sal Sferlazza and Chris Matarese continue to lead the company, focusing on innovation and customer value amid industry growth.

Klarna and OnePay Join Forces to Revolutionize Walmart Installment Loans in the U.S.

Klarna and OnePay Join Forces to Revolutionize Walmart Installment Loans in the U.S.

Bysupport

Klarna has partnered with OnePay, a consumer finance app, to offer exclusive installment loans for Walmart purchases in the U.S. This collaboration aims to enhance the shopping experience by providing flexible payment options both in-store and online. The integration of OnePay’s services into Walmart’s checkout is expected later this year, allowing customers to finance various products, including electronics. Klarna’s CEO, Sebastian Siemiatkowski, called the partnership a game changer, while OnePay’s CEO, Omer Ismail, stressed the importance of accessible credit options. Approved customers can choose repayment plans between 3 to 36 months, improving their purchasing flexibility.