awamo raises $550k to launch biometric microcredit management solution in Africa
Finnish financial technology startup awamo announced it has closed its first funding round in which the company raised EUR500,000 (US$550,000) in order to launch its mobile and biometric microcredit management for lenders in Africa, starting with Uganda, according to a report by PC Tech Magazine.
Awamo’s solution is a comprehensive microcredit management solution for microfinance institutions (MFIs) in emerging markets.
The cloud-based mobile solution features biometric identification and completely digitizes credit management, risk management and portfolio management processes.
The solution offers a range of features including biometric authentication of microloan borrowers, full mobility through its robust tablet hardware with integrated fingerprint sensor, and the highest security and data protection standards.
The startup is working towards helping more people gain access to microfinance as part of a greater effort to empower entrepreneurs to launch their own startups.
The company’s funding has come from business angels in Europe, the United States and the United Arab Emirates, as well as Ugandan and European grantors.
Awamo said the money would go towards developing its prototype into a fully‐fledged solution as well as a complete rollout in selected regions of Uganda.