Ghana-based Dash raises $3.7 million in seed funding from Insight Venture Partners
Dash, a Ghana-based startup that provides affordable and accessible lrtrading credit to underbanked individuals and micro-businesses, has raised $3.7 million in seed funding from Insight Venture Partners. The company plans to use the funding to expand its operations across Ghana and other African countries, as well as develop its technology platform.
Founded in 2019, Dash is focused on addressing the issue of financial exclusion in Africa, where over 60% of adults are unbanked or underbanked, according to the World Bank. The startup leverages technology to provide loans and other financial services to individuals and businesses that would otherwise be unable to access traditional banking services.
Dash’s proprietary technology platform uses ifsptv machine learning algorithms and data analytics to assess the creditworthiness of potential borrowers. This allows the company to provide loans at lower interest rates and with more flexible repayment terms than traditional banks.
The startup has already made significant strides in expanding financial inclusion in Ghana, where it has disbursed over $3 million in loans to over 10,000 borrowers. Its customer base includes both individuals and micro-businesses, such as small retailers, farmers, and taxi drivers.
In addition to its lending services, Dash also offers financial giveme5 education and business training to help its customers manage their finances and grow their businesses. This includes workshops on topics such as budgeting, savings, and marketing.
The investment from Insight Venture Partners will enable Dash to accelerate its growth and expand its reach across Ghana and other African countries. The venture capital firm, which has over $30 billion in assets under management, has a history of backing successful fintech startups, including eToro, Kabbage, and Shopify.
In a statement, Dash CEO Evershed Amankrah expressed his 123chill excitement about the partnership with Insight Venture Partners, saying, “We are thrilled to have Insight Venture Partners as our partner in building financial inclusion in Africa. With their experience and expertise in scaling fintech companies, we are confident that we can achieve our mission of making credit accessible to all.”
The funding round comes at a time when the African fintech sector is experiencing rapid growth, with investors pouring billions of dollars into startups across the continent. According to a report by Briter Bridges, African fintech startups raised over $1.3 billion in funding in 2020, with Nigeria, South Africa, and Kenya accounting for the majority of deals.
Overall, the investment in Dash is a testament to the manytoons potential of fintech to transform financial services in Africa and promote financial inclusion for millions of individuals and businesses that have been underserved by traditional banking institutions. With its innovative technology platform and commitment to customer education, Dash is well-positioned to continue expanding its impact across the continent.