Boampong was in Kenya and witnessed the way most unbanked Kenyans were sending money and paying bills with mobile money. Other investors in the round include ASK Capital, Techstars, Guillaume Pousaz’s Zinal Growth Partners, Jitendra Gupta of Jupiter Money, Amrish Rau, CEO of Pine Labs, the founders of Moss, executives from ProcessOut (acquired by ), and the founders of PennyLane. Dash will use the fresh capital infusion to grow its team, launch new features, and expand its footprint across key markets in Africa.ĭash was founded by Prince Boakye Boampong to create a unified payments app to increase efficiency and accessibility for the estimated 1.3 billion Africans currently transacting via digital payments. To further grow its platform, the Accra, Ghana-based Dash announced today that it has raised $32.8 million in funding, making it one of the largest seed rounds for an African technology startup. The oversubscribed seed round was led by New York-based global private equity and venture capital firm Insight Venture Partners, with participation from Global Founders Capital and 4DX Ventures. Dash users can also pay for goods and services both online and offline. With Dash, users can send and receive money (regardless of currency) all in a single app. ![]() And that’s why one African FinTech startup is on a mission to solve this problem by providing a unified payment network.Įnter Dash, a Ghana-based fintech that is building a unified alternative payment network for African consumers. For example, there are over 200 different kinds of mobile money wallets, none of which work with one another. However, unlike in the western world where online or offline payments are made with debit or credit cards facilitated using network payment processors such as Visa or Mastercard, the majority of payments are made using bank accounts and telecommunications-led mobile wallets, often called mobile money.īut making payments via mobile money wallets and banks comes with its own sets of challenges. By March 2022, Dash’s total processing volume had grown to $1 billion and a user base of a million users from Ghana, Kenya and Nigeria.Africa is a continent with a population of over 1.3 billion people. In October 2021, Dash initially raised an $8 million seed round after it announced $250 million in transaction volume and a user base of 200,000. The startup which launched in 2019 experienced massive growth in user acquisition and processing volume between 20. The seed round, which according to sources, valued Dash at slightly over $200 million, was the second-largest deal of its kind after PalmPay’s $40 million in 2019. In March 2022, the New York-headquartered startup secured $32.8 million in equity from Insight Partners, Global Founders Capital, 4DX Ventures and ASK Capital, among others. The Techstars-backed startup connects mobile money and traditional bank accounts to facilitate transactions for consumers and businesses. Pending the period of the investigation, Kenneth Kinyua, former CEO of Kopo Kopo, a Pan-African payments business, will assume the role of interim CEO.ĭash is a unified payment platform built to improve how Africans transact with digital money. Sources familiar with the company's internal operations alleged that executives repeatedly concealed financials within the firm and described a disorganized workplace where employees resigned and were laid off at will.īoampong founded the fintech startup Dash in 2019 after co-founding YC-backed Ghanaian media startup, OMG Digital in 2016. ![]() His suspension is a result of an investigation into financial misreporting and the sale of millions of dollars worth of his shares in a secondary sale, according to people with direct knowledge of the situation, TechCrunch reported. Prince Boakye Boampong, the founder and CEO of Dash, a Ghanaian fintech that enables users to move money between mobile money and bank accounts, has been temporarily suspended by the company's board.
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