Ghanaian payment app Dash has landed $32.8 million in seed funding, which it says is one of the biggest for an African tech start-up.
The oversubscribed round was led by venture capital firm Insight Venture Partners and saw participation from Global Founders Capital, 4DX Ventures, ASK Capital, Techstars and Zinal Growth Partners.
Notable individual investors include Amrish Rau, CEO of Pine Labs, founders of German fintech Moss and founders of French financial management fintech PennyLane.
Launched in 2020 by Prince Boakye Boampong, Dash is an alternative payment network for the 1.3 billion Africans who currently transact digitally. The company aims to provide a single, unified payment network to facilitate transaction processing for consumers and businesses and connect the approximately 200 mobile money wallets found across Africa.
“We are committed to unifying the financial sector in Africa and leveraging its current technological revolution as more than 400 million smartphones and 548 million mobile money users circulate across the continent,” Boampong said.
“Dash will provide a single solution for all of our users, individuals, merchants and banks.”
Dash currently operates in Kenya, Ghana and Nigeria and has processed approximately $1 billion in customer transactions.
In January 2022 alone, Dash reported total processed volume (TPV) of over $300 million, up three times on a monthly basis from Q4 2021.
The company says the money will be spent on increasing its workforce, developing new features and expanding into key markets across Africa.