- 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
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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.
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