Dash CEO placed on ‘indefinite administrative leave’ as the Insight-backed startup carries out financial audit
Reading Time: 2 minutesPrince Boakye Boampong, the founder and CEO of Dash, which provides an alternative payment network with connected wallets allowing interaction between mobile money and bank accounts in Africa, has allegedly been temporarily suspended pending an investigation into financial impropriety, according to people with direct knowledge of the situation.
Boampong founded the Ghanaian fintech in 2019 and is one of Africa’s well-known serial entrepreneurs after co-launching OMG Digital, a YC-backed Ghanaian media startup, in 2016. For the time being, the board replaced him with Kenneth Kinyua, the former CEO of Kopo Kopo, a Pan-African payments business, who recently joined Dash for a regional leadership role in East Africa. Kinyua assumes the role of interim CEO.
Last March, the Ghana-founded and New York–headquartered Dash raised $32.8 million in equity from Insight Partners, Global Founders Capital, 4DX Ventures and ASK Capital, among others. The seed round, which according to sources, valued Dash at slightly over $200 million, was the second-largest deal of its kind after PalmPay’s $40 million in 2019. It also signified Insight Partners’ first lead investment into an African startup; the $20-billion behemoth took part in Flutterwave’s Series C round in 2021.
On the interim CEO’s appointment, the board stated it is ‘confident in Mr. Kinyua’s leadership and ability to execute Dash’s mission to create a unified payments system designed to increase efficiency and accessibility for how Africans transact with digital money.’
Dash, a unified payments app combining mobile money and traditional bank accounts, facilitates transactions for consumers and businesses. The fintech’s playbook is similar to Visa or Mastercard as it routes payments through banks and telcos regardless of who issued it. Thus, users from different African countries Ghana, Nigeria and Kenya, can connect their bank or mobile money accounts to Dash, pay bills, and send and receive money to other users while the platform handles currency conversions. The four-year-old fintech, which also raised $20 million in debt capital from TriplePoint Capital last October, generates revenue from processing fees, savings, FX fees, bill payments, and subscription fees.
Reference: https://techcrunch.com/2023/02/16/dash-ceo-placed-on-indefinite-administrative-leave/
Ref: techcrunch
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