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Dash, the Ghanaian fintech startup, just shut down after raising $86.1M in five years from prestigious investors like Insight Partners, Y-Combinator, and Techstars.

Dash (formerly Spektra) Pitch Deck - 2022 - Product Slide

The startup (originally called Spektra), was founded in 2018 by Prince Boakye Boampong to bridge the gap between mobile money wallets and traditional bank accounts across Africa, facilitating seamless cross-border transactions.

Dash (formerly Spektra) Pitch Deck - 2022 - Market SlideBoampong, A YC S16 alum, would raise the second-largest seed round for an African startup that year. See their full 2018 pitch deck here β†’

Dash Pitch Deck - 2018 Seed Round - Team Slide

In 2021, Dash began sharing eye-popping growth numbers. claiming to have processed transactions worth $1 billion and growing over 5x in just five months.

Dash (formerly Spektra) Pitch Deck - 2022 - Traction Slide

Months before the startup shut down, Boampong was placed on β€˜indefinite administrative leave’ as the startup conducted a financial audit after multiple publications raised suspicious regarding the company’s growth metrics. With a reported burn rate of $500,000 per month (of which Boampong was reportedly earning $50,000 per month), the company’s primary issue was high overhead. See the Dash’s full pitch deck from 2021 here β†’