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Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years - Investment (4) - Nairaland

Nairaland Forum / Nairaland / General / Investment / Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years (22622 Views)

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Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by FreeLine: 10:13pm On Oct 06, 2023
Be wary of African Fintechs run by Africans. This is the same path PATRICIA is treading.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by 12inchess: 10:13pm On Oct 06, 2023
Stop placing your life savings with startup fintech companies that are not backed financially by the federal govt reserves. But una no go hear word. I cant stop imagining this Ghanian Tech CEO bedding one of his GEN Z employees with his newly pregnant wife at home while collecting his cool 50k dollars salary and 8 million dollar pay out which he has used to buy a house in San Francisco. And yelling "puh it wherever you want to puh it" "you think you can bully me" "get the f out of my office" to the customers that he is owing. grin grin grin grin grin

2 Likes

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by drimzsmoke(m): 10:15pm On Oct 06, 2023
inoki247:



The Citizens of Africa countries are not different from dere Leaders na opportunity dem Neva see...
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by TheBTCinvestor: 10:18pm On Oct 06, 2023
OkayDaddy:


Obinna Onuselogu, if not that your father was begging like a chronic beggar, they would have wrecked your life.
Imagine this fool claiming to disburse Covid funds. You're such a dumb nonentity and it is evident in your stupid decisions. E.g., the ugly short tumbler you call your wife.

..my papa beg who? Lmao.....poverty stricken illetrate..if I committed any fraud then how come i now work with one of the best government institutions cheesy cheesy..Im very successful and I'm doing fine with life but u are commenting from a dingy face me i face u apartment..hahaha..now go and get rope and hang ur self.. ahahH
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by benardtotti(m): 10:27pm On Oct 06, 2023
SoNature:
As reported by WeeTracker, Boampong was earning $50,000 per month and allegedly diverted at least $8 million.


Black man cannot accountably manage huge money. This is why purely black countries are a big mess!


My brother the thing tire me ! A lot of black people don't understand delayed gratification or building long term , another issue is many of these tech guys are just advanced yahoo boys .

1 Like

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by alfredfrddy(m): 11:02pm On Oct 06, 2023
African and untimely enjoyment. May buga not consume us. We just want everyone to believe we have hammered or blowed. We are mad in Africa.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by akinade28(f): 12:41am On Oct 07, 2023
dalaman:


American start up are also the same. Only 1 in 4 start ups succeed. Start ups are 80% scams. Even the venture capitalists that invest know its mostly a scam,but tthey go ahead to invest to promote the scam
Some venture capitalist see Investment as betting. Losing is part of the game. When they are lucky, they win big and cash out big time. This covers up for their past losses.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by SavageResponse(m): 12:59am On Oct 07, 2023
kajog:
Soon no body go dey take blacks start up serious, u raise for business, u begin dey spend am like say company don stand haba

Don't mind the idiots, that's how one raised capital from investors then started paying himself salary of $15,000 per month from money that was supposed to be used as working capital for the new business
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by saxj(m): 2:05am On Oct 07, 2023
Stephench:


You sound like a very poor man to think that 15k is such a huge amount and enough to ground a company that's raised millions of dollars. 15k isn't so much money for a CEO to receive if he so wishes. 50k on the other hand is on the high side.

I know a lot about Y combinator and about start ups. I'm a software engineer that's studied product and project management and also working on start up products, there's nothing you can tell me about start ups as I have experience in the tech world

Keep quiet oga!. you know nothing for saying this rubbish.
you just open your mouth waaaaaaaah! and out of the abundance of words came forth this rubbish. Wherever you learnt project management from, go back and unlearn it. you just wasted your time.
$15K in a useless Economy is huge money. Even here abroad, Founders pay themselves with stock benefit of the company which makes you so interested and passionate in growing the company. The founders are the last and underpaid until your company reaches an MRR or ARR that is considered break even or profitable.

4 Likes 2 Shares

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by YoshihideSuga: 2:40am On Oct 07, 2023
Ofodirinwa:
It's not their fault, there are a lot of strange restrictions with fintech in Africa.
Those of you using your empty stomach to reason about his pay should know that for what he's building, the amount he's paying himself is low. Because you cannot imagine that type of money, also remember that you cannot imagine inventing what he invented either.

Nowhere in the world do you pay yourself such humongous amount of salary per month for a company that is yet to break even, let alone generate profits.

1 Like 1 Share

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Basiljoe: 4:13am On Oct 07, 2023
yusufu16:
African startups are scammers.
Don't generalize. Not all, we have some doing well for themselves.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by CooldipoMPS: 4:24am On Oct 07, 2023
I hope others will learn from where this one failed
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Nobody: 6:03am On Oct 07, 2023
Paraman:
The founder was earning $600,000 as salary per annum.

He run down the company himself
He's just callously wicked, plainly put.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by TheSuperX(m): 6:08am On Oct 07, 2023
Paraman:
The founder was earning $600,000 as salary per annum.

He run down the company himself
Him earning $600k per annum is nothing since he's the founder and head.


The problem is that he was too greedy, he even had to divert millions of dollars for his own personal use. Africans and crookedness, this is why we don't go far like the whites.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by DARLINGTON869(m): 6:13am On Oct 07, 2023
Be like say fintechs wan dey turn Ponzi scheme for investors now
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Reference(m): 6:46am On Oct 07, 2023
Nothing innovative that creates real value. Just money mongering and high budget zone 4 dollar type buccaneers.

Why will it last when the next and bigger pirate pursues after them.

In my opinion the model for Africa's development, the model that developed the West in the 19th and 20th century and the East over the past half century is the cheap and efficient producttion of tangible goods, period.

Making things with our hands is the way out of poverty. It is dignifying, it is mentally stimulating and it regulates and moderates the greed and avarice pervading African societies.

It is the only way to create a viable and sustainable middle class and bring mass populations out of poverty.

IT will remain a vehicle, an aid, a means, but never the destination or the end chapter in the story of development.

People often cite India's tech sector as an example of a country leveraging heavily on bits and bytes, but they fail to see the giant strides in manufacturing, agriculture, petroleum and other sectors where India is comfortably in the top5 productive nations.

5 Likes 2 Shares

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by kajog: 7:05am On Oct 07, 2023
SavageResponse:


Don't mind the idiots, that's how one raised capital from investors then started paying himself salary of $15,000 per months from money that was supposed to be used as working capital for the new business
n dey go dey claim arriving
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Bfly: 7:06am On Oct 07, 2023
Free money
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Paraman: 7:15am On Oct 07, 2023
TheSuperX:
Him earning $600k per annum is nothing since he's the founder and head.


The problem is that he was too greedy, he even had to divert millions of dollars for his own personal use. Africans and crookedness, this is why we don't go far like the whites.
Do you know that $600k no b #600k? For a startup that has not gain her feet, that's a lot of money.

People invested their money in his business, if people didn't invest, how would he have make the $600k per annum.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by IamAtikulate: 7:38am On Oct 07, 2023
SoNature:
As reported by WeeTracker, Boampong was earning $50,000 per month and allegedly diverted at least $8 million.


The Black man cannot accountably manage huge money. This is why purely black countries are a big mess!
This guy was paying himself over #40 million monthly, nearly #500 million yearly.

We Africans have problem.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by shine12: 7:39am On Oct 07, 2023
Firstly, the closing up of these startups doesn't bode well for the Sub-Saharan African startup scene. We also need to refrain from perpetuating negative stereotypes about the black/African continent as a whole. Fraud is something that exists worldwide; there are several US biotech companies on the NYSE and Nasdaq with no functional technology, yet they take millions of dollars from investors and a lot of these companies end up packing up.

A notable example is Elizabeth Holmes, a woman whose biotech company was valued at $10 billion, but it turned out she had misled investors, and the technology she claimed to have didn't work. She was recently sentenced to 11 years in jail. It's important to note that she was a white American woman who attended Stanford.

We should refrain from self-deprecating narratives about Africa and black people as a whole. Fraud occurs globally, and African, American, and European fraud are equally detrimental.

1 Like 2 Shares

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by IamAtikulate: 7:40am On Oct 07, 2023
TheSuperX:
Him earning $600k per annum is nothing since he's the founder and head.


The problem is that he was too greedy, he even had to divert millions of dollars for his own personal use. Africans and crookedness, this is why we don't go far like the whites.
That is about #500 million yearly

For a STARTUP CEO?

2 Likes

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Judolisco(m): 7:42am On Oct 07, 2023
SoNature:
As reported by WeeTracker, Boampong was earning $50,000 per month and allegedly diverted at least $8 million.


The Black man cannot accountably manage huge money. This is why purely black countries are a big mess!
even most American billionares make their money with shares and not salary... 50k dolls per month dis one na barawo oh
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by IamAtikulate: 7:44am On Oct 07, 2023
Lifestone:

This is a racist comment. Lots of other Africans are managing portfolio far higher than this.
Africa has a population of over a billion, using this singular incident to characterized us all is unacceptable
Shatap dia
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by IamAtikulate: 7:45am On Oct 07, 2023
ednut1:
All these unicorns dem dey use scam investors
Dash is not a unicorn

Unicorns are $1 billion valued company
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by IamAtikulate: 7:50am On Oct 07, 2023
miceroms:
This is insane. How can a CEO be earning $50,000 every month? There must be a way for the regulators to monitor these businesses and what the management staff are earning compared to the size of the business.
They must ensure that compliance is one of the key elements before full approvals are given and continuous auditing of their accounts.
That is the job of the board (corporate governance) not any regulator.

I blame the investors.

Why would you put in over $85 million in an African startup without constituting a strong, independent company's board without the CEO as the Chairman.

The next bad news will come from Jumia.

I read their report few days ago and wept for that company. Can you imagine, our almighty Jumia loses $160 for every $100 it earns.

Insane

2 Likes

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by IamAtikulate: 7:51am On Oct 07, 2023
MrAgbako:
I trust opay Sha.
I think they will survive.....


The rest my 2 cent😂
Opay is an Indian company
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by onoms4luv(m): 7:51am On Oct 07, 2023
The power house of every company is Data which many Fintech company lack, No good database, No good data scientist or analysts, hence everything they do, crumbles..


SoNature:
As reported by WeeTracker, Boampong was earning $50,000 per month and allegedly diverted at least $8 million.


The Black man cannot accountably manage huge money. This is why purely black countries are a big mess!
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by kajog: 7:57am On Oct 07, 2023
Stephench:


You sound like a very poor man to think that 15k is such a huge amount and enough to ground a company that's raised millions of dollars. 15k isn't so much money for a CEO to receive if he so wishes. 50k on the other hand is on the high side.

I know a lot about Y combinator and about start ups. I'm a software engineer that's studied product and project management and also working on start up products, there's nothing you can tell me about start ups as I have experience in the tech world

saxj:


Keep quiet oga!. you know nothing for saying this rubbish.
you just open your mouth waaaaaaaah! and out of the abundance of words came forth this rubbish. Wherever you learnt project management from, go back and unlearn it. you just wasted your time.
$15K in a useless Economy is huge money. Even here abroad, Founders pay themselves with stock benefit of the company which makes you so interested and passionate in growing the company. The founders are the last and underpaid until your company reaches an MRR or ARR that is considered break even or profitable.
that fellow just shows he will do worst if he starts his own company

3 Likes

Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by Lifestone(m): 8:11am On Oct 07, 2023
IamAtikulate:

Shatap dia
What do you know? Nothing.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by jedisco(m): 9:43am On Oct 07, 2023
SoNature:
As reported by WeeTracker, Boampong was earning $50,000 per month and allegedly diverted at least $8 million.


The Black man cannot accountably manage huge money. This is why purely black countries are a big mess!

You reek of inferiority complex and self hate. There are poorly run companies in any part of the world. This could have easily been another race and your ignorant head will keep mute.
Re: Ghanaian Fintech, Dash, Shuts Down After Raising $86.1 Million In 5 Years by colp2015: 9:50am On Oct 07, 2023
6ixVille:
Someone shld pls invest in my startup. i promise i wont be like boateng abi wetin be hin name.
Can you give a brief description of your start up for business model and execution analysis?

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