The app for unified payments Dash has raised US $32.8 million in a seed round that was oversubscribed on 7th march 2022.
Dash’s seed round, headed by Insight Partners, a New York-based private equity and venture capital firm, is one of the largest of its kind in Africa; only PalmPay’s US $40 million now beats it. The transaction, which follows a US $500,000 pre-seed round, adds to a growing list of fintech deals in the sector, which accounted for up to 60% of Africa’s overall venture capital funding last year.
This purchase is particularly notable because it shifts the emphasis away from Nigeria, Africa’s hottest fintech industry, to Ghana, where entrepreneurs raised only US $167 million in venture capital last year.
Global Founders Capital and 4DX Ventures are among the other investors in the round. ASK Capital, Techstars, Guillaume Pousaz’s Zinal Growth Partners, Jitendra Gupta of Jupiter Money, Amrish Rau of Pine Labs, the founders of Moss, ProcessOut executives, and the founders of PennyLane were among those that took part.
What the founders have to say:
Prince Boakye Boampong, its founder and CEO, founded it in 2019. Before joining Dash, Boampong co-founded OMG Digital, a YC-backed Ghanaian media business he co-founded in 2016 with Jesse Ghansah, the current CEO of Float.
“When I first visited Kenya in 2014, I was astounded by the ubiquity and convenience of mobile money. Across the continent, however, there are over 200 mobile money wallets and 100 banks that do not function together.”
“We’re working on interoperability so that a Kenyan flying to Ghana or a Ghanaian traveling to Kenya can pay for things without having to change currencies or open accounts when they land,” Boampong explained. “We’re taking a page from AliPay and PayTm by developing services that will make our users’ lives easier without requiring them to switch providers.”
About Dash:
Dash is creating a consistent, accessible, and modern alternative payment network for African consumers. Dash allows users to send, spend, and receive money in any currency, pay for goods and services (online or offline), save, and invest in one app.
Processing fees, interest received when users save, FX costs when Dash is used cross-border, bill payments (commission earned when users pay bills on Dash), and subscription (for Dash+, the company’s premium service) are all sources of revenue for the company.
Dash claimed to have processed over US $300 million in TPV in January, up 300 percent from Q4 2021. Since its start in 2020, it has processed over US $1 billion from a million consumers in Ghana, Kenya, and Nigeria.
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
