awamo GmbH, a Frankfurt/Main, Germany-based fintech startup, increased its seed funding to €2m.
Backers included elea Foundation for Ethics in Globalization as well as business angels such as Bernard Wendeln, cofounder 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 solutions.
The company intends to use the new funds to roll out its solution in Uganda.
Founded in 2015 by Benedikt Kramer, Philipp Neub and Roland Claussen, awamo offers a mobile, biometric banking solution (SaaS) for unregulated microfinance providers in sub-Saharan Africa. awamo® 360 facilitates the work of microfinance providers by digitizing their business processes and enables credit information sharing between lenders for the first time.
The company also has a subsidiary in Uganda with branches in Kampala and Mbarara.