Established in 2019 by Prince Boakye Boampong, Dash captured investors' attention with its mission to tackle the challenge of achieving seamless interoperability between mobile money wallets and bank accounts across the African continent. This endeavor was poised to simplify and optimize money transfers throughout Africa.
Over the course of five years, Dash secured a total of $86.1 million in funding, drawing substantial interest from prominent investors. Notably, in 2021, the company completed a seed round, raising $32.8 million, marking the second-largest seed round in the history of African startups. Insight Partners spearheaded this round, with notable participation from investors such as Global Founders Capital, 4DX Ventures, and ASK Capital. Dash further augmented its financial backing through convertible notes and debt financing from October 2021 to 2022.
In 2021, Dash exhibited remarkable growth, claiming to have processed transactions totaling $1 billion while amassing a user base of one million individuals from Ghana, Nigeria, and Kenya. Impressively, these figures represented a fivefold increase in its user base within just five months.
However, concerns regarding the authenticity of Dash's user numbers and metrics emerged in February. Subsequently, Prince Boakye Boampong was suspended from his role as CEO. Internal audits conducted by the company revealed that Boampong had misrepresented and exaggerated user statistics, leading to his termination and the appointment of Kenneth Kinshua as the new CEO.
Recent reports indicate that substantial damage had already occurred during Boampong's tenure as CEO. An additional audit revealed a financial shortfall of at least $25 million, for which no proper accounting existed. Dash's financial struggles became apparent due to its high operational costs, particularly as it expanded its presence across five countries.
It was reported that Boampong was drawing a monthly salary of $50,000 and was allegedly involved in diverting at least $8 million, purportedly for the acquisition of real estate and luxury vehicles. Boampong has not publicly addressed these allegations.