Ugandan fintech venture Awamo has closed $1.7 million in funding.
Many of the more than 2,000 microfinance and savings and credit institutions in Uganda, are unregulated by the government. Roughly 40% of their customers are women.
Awamo will use the new funding to help unregulated microfinance lenders bring their businesses online and share credit information between one another. Its software is mobile-based and handles loan management, accounting and reporting and has biometric security.
Awamo, started in Frankfurt, Germany in 2013, raised $550,000 in 2015 to launch in Uganda. Investors in its latest round include the German Investment and Development Corporation and two angel investors.