{"id":35681,"date":"2023-10-12T17:43:32","date_gmt":"2023-10-12T17:43:32","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years"},"modified":"2023-10-12T18:12:58","modified_gmt":"2023-10-12T18:12:58","slug":"dash-closes-down-after-realizing-us86-1-million-in-5-years","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years","title":{"rendered":"Dash closes down after realizing US$86.1 million in 5 years"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Dash, the Ghanaian fintech company with a mission to connect mobile money wallets and bank accounts across Africa, has confirmed that it is shutting down operations.<\/p>\n

The startup\u2019s closure was first reported by WeeTracker. Dash was founded in 2019 by Prince Boakye Boampong, and investors were excited by the problem the startup wanted to solve.<\/p>\n

Dash was working to ensure interoperability between mobile money wallets and bank accounts across Africa; its solution would have made sending money across Africa easy and efficient.<\/p>\n

The startup raised $86.1 million in five years and attracted big-name investors. It raised $32.8 million in a single seed round\u2014the second largest seed round for an African startup\u2014in 2021.<\/p>\n

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.<\/p>\n

In 2021, Dash began sharing eye-popping growth numbers. Per one publication, Dash claimed to have processed transactions worth $1 billion and said it had acquired a million users from Ghana, Nigeria and Kenya.<\/p>\n

Those numbers represented a 5x increase in its users in only five months. In February, at least two publications reported suspicions about Dash\u2019s user numbers and metrics, and later that same month, Prince Boakye Boampong was suspended as CEO.<\/p>\n

Internal audits of Dash\u2019s numbers proved that Boampong misrepresented and exaggerated user numbers. He was eventually fired and replaced by Kenneth Kinshua.<\/p>\n

New reporting suggests that the damage was already done by the time Kenneth Kinshua became CEO. The publication claimed that upon another audit of the company\u2019s account, there was a shortfall of at least $25 million that was unaccounted for.<\/p>\n

With a reported burn rate of $500,000 per month and no revenue, Dash\u2019s primary problem appeared to be its high overhead, as it had operations across five countries.<\/p>\n

As reported by WeeTracker, Boampong was earning $50,000 per month and allegedly diverted at least $8 million. There are claims that the money was used to buy property and luxury cars. Boampong has not spoken publicly about any of the allegations.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Dash, the Ghanaian fintech company with a mission to connect mobile money wallets and bank accounts across Africa, has confirmed that it is shutting down operations. The startup\u2019s closure was first reported by WeeTracker. Dash was founded in 2019 by Prince Boakye Boampong, and investors were excited by the problem the startup […]<\/p>\n","protected":false},"author":84,"featured_media":35680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,373,241],"class_list":["post-35681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-bank","tag-mauritius"],"yoast_head":"\nDash closes down after realizing US$86.1 million in 5 years - Mauritius<\/title>\n<meta name=\"description\" content=\"Dash, the Ghanaian fintech company with a mission to connect mobile money wallets and bank accounts across Africa, has c ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dash closes down after realizing US$86.1 million in 5 years\" \/>\n<meta property=\"og:description\" content=\"Dash, the Ghanaian fintech company with a mission to connect mobile money wallets and bank accounts across Africa, has c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T17:43:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T18:12:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/10\/sm_1697121629.373448.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Dash closes down after realizing US$86.1 million in 5 years\",\"datePublished\":\"2023-10-12T17:43:32+00:00\",\"dateModified\":\"2023-10-12T18:12:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/10\/sm_1697121629.373448.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Bank\",\"Mauritius\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/dash-closes-down-after-realizing-us86-1-million-in-5-years\",\"name\":\"Dash closes down after realizing US$86.1 million in 5 years - 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