FinLab AG 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.