The Frankfurt based startup awamo GmbH offers a mobile, biometric banking solution (SaaS) for unregulated microfinance providers in sub-Saharan Africa. It was founded in 2015 by Benedikt Kramer, Philipp Neub and Roland Claussen. After its initial funding round in the first year, awamo now increases its total seed funding to EUR 2m. Next to the German Investment and Development Corporation (DEG), a subsidiary of German Development Bank KfW, awamo could win leading Swiss impact investor elea Foundation for Ethics in Globalization as well as experienced business angels as new investors. Amongst others 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, 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.”
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