Dash, a Ghanaian fintech has reportedly shut down not long after reports of the company’s downsizing made the news.
The company has unfortunately fallen short of its vision to solve cross-border payments for Africans by connecting mobile money wallets, despite raising $86.1 million in five years and attracting big-name investors.
Dash was founded in 2019 by Prince Boakye Boampong, and over the years acquired users in Ghana, Nigeria, and Kenya.
In 2021, Dash raised $32.8 million in a seed round, making it the second-largest seed round for an African startup that year. Insight Partners led the round and other investors, like Global Founders Capital, 4DX Ventures, and ASK Capital, participated. It went on to raise additional funding with convertible notes and debt financing from October 2021 to 2022.
Before Dash fell, the company’s founder, Prince Boakye Boampong was suspended as CEO after internal audits showed that Boampong lied and inflated the number of users.
The audit of the company’s account brought to light that a sum of $25 million was unaccounted for. Boampong earned $50,000 monthly and allegedly diverted at least $8 million as reported by WeeTracker.
When Kenneth Kinshua eventually replaced Boampong, it was already too late to save the company.
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