DGAP-News: FinLab AG / Key word(s): Investment 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: Press contact:
20.09.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | FinLab AG |
Grüneburgweg 18 | |
60322 Frankfurt/Main | |
Germany | |
Phone: | +49 (0)69 719 12 80 - 0 |
Fax: | +49 (0)69 719 12 80 - 011 |
E-mail: | investore-relations@finlab.de |
Internet: | www.finlab.de |
ISIN: | DE0001218063 |
WKN: | 121806 |
Indices: | Scale 30 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |