A Ghana based Financial technology company named Dash has announced shutting down their business as reported by WeeTracker.
Dash was founded in 2019 by Prince Boakye Boampong to solve problem in financial sector by deploying technology to create a wallet for people as a way of faster and easier transactions.
The problem and solution initiated by Boakye and his team captured the interest of willing investors who gave Dash the necessary funds raising eighty-six million one hundred thousand dollars.
Dash was reported to record a high burn rate and was spending five hundred thousand dollars ($500k) every month for expenses without adequate revenue to match up the burn rate.
In another disclosure by WeeTracker, it was reported that Dash founder Prince Boakye Boampong was earning fifty thousand dollars ($50k) every month which he pays himself as a salary in the company.
Other due diligence and financial inquiries revealed that fund mismanagement contributed to the company’s failure.
There is yet to be a circulated interview from the founder to say what truly transpired or led to the business failure but someday he may say his own side of the story, mistakes, pitfalls and the shortcomings.
The news of Dash shutting down business after raising $86.1 million has generated lots of panic in the startup ecosystem.