Microfinance solutions provider awamo has raised EUR 500,000 ($55om) from international business angels and grantors to launch a mobile, biometric solution for microfinance lenders in Africa.
The round, its first funding round comprised of EUR 400,000 from business angels from Europe, the US and the United Arab Emirates and another EUR 100,000 come from Ugandan and European grantors.
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.
awamo will use the money collected for developing its prototype to a fully-fledged solution and for the roll out in selected regions of Uganda, focussing on scalability and implementation of further customer and user feedbacks.