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Ghanaian Fintech Dash’s Tumultuous Run Ends

The company did not achieve its vision to solve cross border payments for Africans by connecting mobile money wallets. Dash was founded in 2019 by Prince Boakye Boampong, and investors were excited by the problem the startup wanted to solve. 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. The startup raised $86.1 million in five years and attracted big-name investors. It raised $32.8 million in a seed round—the second largest seed round for an African startup—in 2021. In February, at least two publications reported suspicions about Dash’s user numbers and metrics, and later that same month, Prince Boakye Boampong was suspended as CEO. Internal audits of Dash’s numbers proved that Boampong misrepresented and exaggerated user numbers.