Making digital financial transactions seamless across Africa, Ghana-based Dash has raised $32.8 million in an oversubscribed seed round, one of the largest of its kind in Africa.
Dash, backed by Techstars, will utilise the capital in its expansion into new markets such as Tanzania and South Africa, after receiving the licenses needed to operate in these countries, develop and broaden its team of innovative minds, invest in technology and launch new features.
The seed round was led by New York-based private equity and venture capital fund; Insight Partners and comes after a $500,000 pre-seed raised by the company last year to simplify remittances and launch operations across Kenya and Ghana.
Other investors who participated in the round include Global Founders Capital, 4DX Ventures, ASK Capital, Techstars, Guillaume Pousaz’s Zinal Growth Partners, Jitendra Gupta of Jupiter Money, Amrish Rau of Pine Labs, the founders of Moss, executives from ProcessOut and the founders of PennyLane.
Dash was founded in 2019 by the CEO, Prince Boakye Boampong who previously co-founded OMG Digital, a YC-backed Ghanaian media startup, with Jesse Ghansah, current CEO of Float, in 2016.
The unified payment platform has developed a wallet that allows users to access financial services without hiccups.
Operational in Kenya, Ghana and Nigeria, Dash is on a mission to further spread its reach into more borders later on. The company seeks to ensure a healthy financial lifestyle for Africans, removing barriers and enabling wealth creation.
Dash makes revenue from processing fees, interests earned when users save, FX fees when the platform is used across borders, commissions earned when users pay bills on Dash, and subscription — for Dash+, its premium service.
Dash affirms to have processed over $300 million in TPV in January this year, up 300% monthly from Q4 2021. In total, it has processed over $1 billion since its launch in 2020, from 1 million customers in Ghana, Kenya and Nigeria.