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Awamo
Creating a microfinance business platform for Africa
Description
Today, a population of 650m+ people in sub-Saharan Africa (SSA) lives in rural areas with limited or non-existent access to basic financial products and services. Existing service providers (e.g. insurance companies) lack efficient distribution channels to address this rural segment and only reach the wealthier, urban middle-class. The existing 25,000+ microfinance institutions (MFIs) in SSA have a trust-based relationship to rural clients and could bridge this gap, but cannot currently do so mainly due to inefficient, manual business processes.
By offering awamo® 360, a cloud-based banking platform tailored to the needs of MFIs, awamo helps boosting financial inclusion within a huge and still underserved market in rural Africa. In addition, awamo gains access to a massive client base. Currently, over 800,000 clients are being served via awamo® 360 in Uganda and Kenya. After going live in late 2018, awamo is pursuing a B2B2C business model and strategically has prioritized customer access. awamo is increasingly focusing on cross-selling essential services, such as credit default insurance. awamo expects to strongly monetize and further enhance this customer base with revenues predicted to grow to EUR 17.6m p.a. until 2025 with break-even planned for 2023.
The company was liquidated on 03.02.2022.
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Company Details
Legal name
awamo GmbH
Company registration
Amtsgericht Frankfurt am Main HRB 102394
Founded in
2015
Closed in
2022
Financing Rounds
Financing rounds currency
Euros €
Last financing round
2018
Total capital raised in millions
2
Financials
Financial reporting currency
Euros €
Contact Information
Website
Address
Kaiserstraße 61, 60329 Frankfurt am Main
Location
Kaiserstraße 61, 60329 Frankfurt am Main
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