Germany/Uganda-based FinTech awamo increases its seed funding to €2m

After its initial funding round in 2015 , awamo now increases its total seed fund-ing to EUR 2m. Next to the German Invest-ment and Development Corporation (DEG) , a subsidiary of German Develop-ment Bank KfW , awamo could win leading Swiss impact investor elea Foundation for Ethics in Globalization as well as experi-enced business angels as new investors.

Amongst others Bernard Wendeln , co-founder of Germany’s first social venture capital fund, and Jochen Berger , founder of intergenia , one of the leading suppliers of professional web hosting and server so-lutions, are part of the investor group backing awamo.

Additionally, awamo appoints new members to its supervisory board. The board members will advise awamo’s management and contribute their knowledge, experience, and network.

“This funding round is an exciting step forward for awamo.” says awamo CEO Benedikt Kramer . “With the additional funds and backed by a highly experienced and hands-on supervisory board we are now in the best position to roll out our solution in all of Uganda.”

Awamo offers a mobile, cloud based hard- and software solution for microfinance lenders in emerging markets to simplify the credit management process. The firm says with reliable biometric identification integrated everyone can get access to microfinance in the future and empower millions of people to create their own microbusinesses, thus stimulating sustainable, regional economic and social development.

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