Ghanaian-owned Fintech Dash Reportedly Shuts Down After Raising $86.1 Million In Funding In 5 Years

• Ghanaian-owned fintech Dash has reportedly disclosed that it has ceased operations after raising $86.1 million in funding in five years
• The company was established to make sending money across Africa easy and efficient by connecting mobile money wallets and bank accounts
• Founder Prince Boakye Boampong launched the business in 2019, with the expectation of growing rapidly in the financial technology sector

Ghanaian fintech firm Dash, established to link mobile money wallets and bank accounts across Africa, has reportedly disclosed that it is shutting down operations.

The company was founded in 2019 by Ghanaian Prince Boakye Boampong, with promising growth in the business sector owing to the problem the startup aimed to solve.

Mission of Dash

Dash aimed to make sending money throughout Africa easy and efficient by assuring interoperability between mobile money wallets and bank accounts across Africa.

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TechFocus24 reports that the firm raised $86.1 million in funding in five years and drew significant investors. In 2021, it raised $32.8 million in a single seed round, the second highest for an African firm.

Investors and transactions

Insight Partners led the investment, with participation from Global Founders Capital, 4DX Ventures, and ASK Capital. From October 2021 through 2022, it raised more funds through convertible notes and debt financing.

Dash claimed to have handled $1 billion in transactions and gained a million users from Ghana, Nigeria, and Kenya; the figure reflected a fivefold increase in users in only five months.

Betting Tax: GRA makes GH¢15 million from "investors"

Previously, YEN.com.gh reported that the Ghana Revenue Authority garnered GH¢15 million from its betting tax.

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By the end of the 2023/2024 football season, the Authority hopes to have raised GH¢60 million.

Edward Gyambra, the Commissioner in charge of DTRD, expressed confidence that the Authority will surpass its revenue targets by the end of the year.

Social media influencer Code Micky rants over controversial tax

Also, YEN.com.gh reported that Code Micky went on a rant because of the tax on all betting, lottery, and gaming wins.

In a viral video on TikTok, he said the move was poorly thought through. He criticised the government for not creating enough jobs to accommodate the teeming unemployed youth.

Source: YEN.com.gh