![]() ![]() It also signified Insight Partners’ first lead investment into an African startup the $20-billion behemoth took part in Flutterwave’s Series C round in 2021.ĭash had intended to raise a quarter of that sum-roughly $8 million-as its seed round before obtaining more than $30 million. Last March, the Ghana-founded and New York–headquartered Dash raised $32.8 million in equity from Insight Partners, Global Founders Capital, 4DX Ventures and ASK Capital, among others.Īccording to TechCrunch, 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. Instead, its wallet allows users to access many services they can’t find on their traditional provider. It doesn’t aim to replace mobile money or banks. Currently, it is operational in Kenya, Ghana, and Nigeria, with plans to expand into South Africa, Tanzania, and Uganda.ĭash’s alternative payment network brings together mobile money and traditional banks and facilitates transactions for consumers and businesses. The fintech company is a unified payment platform built to better how 1.3 billion Africans Prince Boampong founded the Ghanaian fintech in 2019 and is one of Africa’s well-known serial entrepreneurs after co-launching OMG Digital, a YC-backed Ghanaian media startup, in 2016. Read also: Smile Identity raises $20m to tackle increasing online fraud in Africa Prince Boampong’s alleged activities as Dash CEO On the interim CEO’s appointment, the board stated it is “confident in Mr Kinyua’s leadership and ability to execute the company’s mission to create a unified payments system designed to increase efficiency and accessibility for how Africans transact with digital money.” ![]() The representative declined to comment or provide further context regarding Boampong’s actions, but reports suggest the audit results could be released in a month. Prince Boakye Boampong, founder and CEO of Dash,Īccording to a board representative, Boampong was placed on “indefinite administrative leave on January 24, 2023, pending a forensic financial assessment of the company”. However, Dash’s board, in a joint statement, communicated a different angle regarding the former chief’s current status. TechCrunch reported that Boampong was suspended as chief executive for suspected involvement in financial misreporting. Kinyua is to assume the interim CEO role. The Ghana-founded startup offers an alternative payment network with connected wallets that allow the exchange of mobile money with African bank accounts in Africa,Ĭonsequently, the board has replaced Prince Boampong with Kenneth Kinyua, the former CEO of Kopo Kopo, who recently joined Dash for a regional leadership role in East Africa. The company’s 1 million+ customers have processed over $1 billion since its launch in 2020.Prince Boakye Boampong, founder and CEO of Dash, has been placed on administrative leave pending an investigation into financial impropriety. Currently operational in Kenya, Ghana and Nigeria, in January 2022 alone, Dash reported a Total Processed Volume (TPV) of over $300 million, up 3X on a monthly basis from Q4 2021. ![]() The company intends to use the funds to launch new features, and expand its footprint across key markets in Africa.įounded by Prince Boakye Boampong, Dash is a unified and accessible payments app built to enable 1.3 billion Africans to transact with digital money. ![]() The round was led by Insight Venture Partners, with participation from Global Founders Capital, 4DX Ventures, ASK Capital, Techstars, and 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. (Photo: Business Wire)ĭash, an Accra, Ghana-based payments app provider, raised $32.8M in Seed funding. Dash App, Founder, Prince Boakye Boampong. ![]()
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