Dash, a Ghana-based company that unified payments software, announced it had raised $32.8 million in an outsubscribed seed round. This money will be used to improve interoperability of digital payment networks in Africa.
Insight Venture Partners was the lead investor in the round. They are based out of New York. 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 were among the other investors in the round, as were ASK Capital, Techstars, Guillaume Pousaz’s Zinal Growth Partners, Jitendra Gupta of Jupiter Money, Amrish Rau of Pine Labs,
The investment, which is one of Africa’s largest, would aid in the development of Mastercard and Visa-style intermediary services for mobile payment wallets across the continent.
Dash closed its first seed round in October. The firm was reopened after investor interest soared. There was an $8 million initial capital, and approximately 200,000 users transacting $250,000,000 in transactions.
Dash was founded by Prince Boakye Boampong in 2019. He was inspired by mobile wallet-based payments that were becoming more popular in Kenya in 2014.
Dash’s goal is to build a network where consumers and businesses may connect with mobile money and traditional institutions to expedite transactions. Dash works in the same way as Visa and Mastercard and routes payments through banks, telecommunications companies and other institutions, regardless of who issued it.
Users in Ghana, Nigeria, and Kenya, where Dash’s service is now available, can link their bank or mobile money accounts to Dash, pay bills, and send and receive money from other Dash users while the platform handles currency conversions.
“We’re working on interoperability so that a Kenyan flying to Ghana or a Ghanaian traveling to Kenya can pay for things without having to change currencies or open accounts when they land,” Boampong explained. “We’re taking a page from AliPay and PayTm by developing services that will make our users’ lives easier without requiring them to switch providers.”
The funds will be used to grow to new regions such as Tanzania and South Africa, obtain the necessary permits, expand the company’s personnel, invest in technology, and launch new services, according to the startup.