Ghana-based dash insight Partners is a mobile-based analytics platform that provides business insights to individuals, small and medium enterprises (SMEs), and government agencies in Africa. Its platform can help to identify new business opportunities, manage relationships and grow revenue with customers. The company is seeking a Series A round of funding to expand its operations and add additional features.
Funding round
The Africa-based fintech startup Dash has raised a $32.8 million seed round. It is one of the largest funding rounds in the continent. This round was led by Insight Partners. The money will be used to expand into new markets, and build out the team.
Dash connects mobile money users with bank accounts. The company earns revenue from processing fees, savings, and interest. Since launching in 2020, it has processed $1 billion in transactions. Currently, it is available in Kenya, Ghana, and Nigeria. However, Dash plans to expand to the rest of Africa by the end of this year.
The round also saw participation from investors such as ASK Capital, QED Investors, Global Founders Capital, and 4DX Ventures. Earlier this year, Dash had already processed $300 million in TPV, but the latest round of funding will allow it to grow even faster.
Founder
When it comes to the latest and greatest in Africa’s fintech space, Dash makes the short list. Having snagged a $32.8 million seed round from a who’s who of African tech investors, the company is now a veritable force to be reckoned with. In fact, the company has already processed more than $1 billion in transactions, and is raking in FX fees for using the platform cross-border. Moreover, the company has acquired more than one million customers across Ghana and Nigeria. It’s also worth noting that the company is currently raising a second seed round, this time from a private equity firm.
While the company’s avowed mission is to connect mobile money users with their bank accounts, it is worth noting that the company has tapped into the plethora of financial services available to its users. For example, it has been able to deliver a number of benefits including payment reminders, real time transfers, a bill payment reminder, and a number of other features.
CEO
If you’re into Fintech, you’ve likely heard of Dash, an African fintech start-up. Although they’ve only been around for a few months, they’ve already amassed more than $250 million in transactions. The company’s latest round of funding will help them double that total in the next few months. They’ve got a long way to go, but they’ve already secured more than one million customers in both Kenya and Ghana. For those of you looking for the best of both worlds, the Dash team has also launched Dash+, a premium service that will give your bank accounts an all-in-one mobile banking experience. In January, Dash processed a whopping $300 million in TPV.
However, the biggest stumbling block to their early growth was their high fees, which forced them to offer a free version for a limited time. With that said, the company hasn’t stopped improving their services, and they’re launching a new mobile banking platform in South Africa soon.
Revenue model
Dash is a unified payments app that provides a convenient method for users to pay for purchases. It has grown to include over 1 million customers in Kenya and Nigeria. This growth has helped to drive a seed round of $32.8 million. As one of the largest fintech deals in Africa, Dash continues to attract attention from investors.
Dash aims to provide financial tools to everyday Africans. Their platform connects mobile money users with bank accounts. They also offer Dash+, a premium service that offers access to additional services not available with the original app. In January, Dash processed $300 million in TPV.
Dash’s business model is designed to help 1.3 billion Africans have healthy financial lifestyles. The company’s main revenue source is processing fees, which the company earns from transactions made through Dash. However, they have also been earning FX fees when Dash is used cross-border.
Partnerships
It’s no secret that Ghana is a financial hotbed. This is a good thing for startups and their investors. Last year, the country raised $167 million in venture capital. As a result, the country is home to some of the most impressive VCs in Africa. Among the notables is Dash, a three-year-old fintech juggernaut that has recently taken on its competition with a $32.8 million round of venture capital. The company’s flagship product is Dash+, a service that combines the best of both worlds: mobile money with the security and convenience of a traditional bank. Similarly, Dash+ boasts a full complement of payment options, including Visa, MasterCard, and Alipay. Lastly, it enables users to conduct cross-border transactions with minimal paperwork. And, it’s not just for consumers; it’s also an effective payment solution for businesses.
