Awamo, a Germany-based micro-finance management solutions provider, has raised about $550,000 in its Series A round and is launching in Africa.
The company announced this earlier today while indicating that the fund will enable it launch its mobile, biometric solution for microfinance lenders in Africa. The company further indicated that it will use the fund raised to advance its product prototype into a fully-fledged solution which it will roll out in selected regions of Uganda..
“Awamo’s solution simplifies the credit management process from A to Z and provides microfinance lenders with a professional credit risk management solution,” the company stated. “This empowers millions of people to create their own micro-businesses, thus stimulating sustainable, regional economic and social development.”
The company will also look into the product scalability and onboarding more customers through the implementation of feedbacks.
Awamo offers mobile, cloud-based, hard and software solution for microfinance lenders in emerging markets.