Ghanaian fintech startup, Dash, has ceased its operations after a tumultuous journey. Founded in 2019 by Prince Boakye Boampong, Dash aimed to create interoperability between mobile money wallets and bank accounts across Africa, streamlining cross-border payments. The company gained significant attention from investors, raising a total of $86.1 million over five years, with a notable $32.8 million seed round led by Insight Partners in 2021.
Despite early success, Dash faced challenges when suspicions arose regarding the accuracy of its user numbers and metrics in February. An internal audit confirmed that the company's former CEO, Boampong, had misrepresented and exaggerated user figures. He was subsequently suspended and eventually fired, replaced by Kenneth Kinshua.
However, Dash's financial problems persisted, with a reported unaccounted shortfall of at least $25 million, a high monthly burn rate of $500,000, and no revenue. Allegations surfaced that Boampong had misappropriated funds, diverting approximately $8 million for personal use, including property and luxury cars.
Ultimately, Dash's ambitious goal to facilitate seamless cross-border payments in Africa remained unfulfilled, resulting in its closure and raising concerns about financial mismanagement within the company.
