FinLab invests a seven-digit investment amount in the Frankfurt-based FinTech awamo GmbH

Frankfurt/Main, 20th September 2018 - FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR) has invested a seven-digit EUR amount into Frankfurt-based FinTech company awamo GmbH. awamo is the leading provider of cloud-based core banking systems for small-to-medium sized microfinance institutions in Uganda. Besides FinLab, also awamo's current shareholders and additional sector experts have joined the funding round. awamo will use the proceeds to further develop the platform and for expansion across East Africa.

The company's product awamo 360 simplifies the management of the microfinance business due to digitalization of most business processes and by making them fully accessible across all computer platforms. Together with its biometric authentication features, awamo 360 increases the security of transactions and lowers default rates of microloans.

Currently, awamo serves around 60 institutions with more than 100 branches and 75,000 end consumers. Every month, more than 30,000 transactions with a total volume of around EUR 1.2 million are being processed by the platform. By digitizing their business processes, microfinance institutions save more than 70% of their typical administrative and office expenses, while reducing processing times for their clients by up to 90%. With the fully automated financial accounting and the individual user rights management, the microfinance institutions gain full transparency and control of their businesses.

"We have already achieved a lot in Uganda and proved that awamo's solution actually meets the market demand. Now it is time to further expand our business operations across East Africa and to accelerate awamo's growth", says Benedikt Kramer, co-founder and CEO of awamo. "From our experience in Uganda, we already know which features are being requested in the long run and how to successfully perform marketing and sales in this market. FinLab and our shareholders are the ideal partners in this regard as they provide awamo access to a good business network and because we have a mutual understanding of awamo's strategy for the next step in our business development."

"awamo has already managed to successfully deal with significant challenges: on the one hand they achieved to sell an SaaS-solution in Uganda and to route significant transaction volumes through their system.", says Stefan Schütze, Member of the Board of FinLab AG. "We have known the founder team of awamo for several years and had an eye on their development for quite some time. We are convinced that the company management is in good hands and that the company will continue to flourish. During 2018, awamo has already been awarded with the Frankfurt Founder's Award and the FinTechGermany award. Besides this, it is impressive to see what a sustainable and business-oriented co-operation between Europe and Africa can look like."
 

About awamo GmbH:
awamo offers a mobile, cloud-based core banking system for microfinance institutions in sub-Saharan Africa. Limited mobility and missing reliable client authentication in rural areas are major obstacles for financial inclusion, which is why more than 400m people still do not have access to financial services at all. awamo 360 makes managing a microfinance institution much easier by digitizing most business processes and making them mobile with an Android app. Additionally, awamo's unique biometric authentication feature increases security and transparency of transactions and reduces default rates of microloans. awamo GmbH is headquartered in Frankfurt/Main, Germany, and has a subsidiary in Uganda with two branches in Kampala and Mbarara, overall employing 40 people. awamo GmbH has been founded by Benedikt Kramer, Philipp Neub, and Roland Claussen in 2015.

Press contact:
awamo GmbH
pr@awamo.com
www.awamo.com

About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech start-ups and providing venture capital for their financial needs, whereas in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.

Press contact:
FinLab AG:
investor-relations@finlab.de
www.finlab.de
Phone: +49 69 719 12 80 0