Dash is a Ghana-based venture that uses an alternative payment network that combines mobile money with traditional banks. Its founder, Prince Boakye Boampong, is also the CEO of the company. Read on to learn more about the company, its revenue model, and its seed round.
Dash’s founder and CEO Prince Boakye Boampong
Prince Boakye Boampong is the founder and CEO of Dash, a company that makes the mobile money and banking combination more seamless. He is also the founder of OMG Digital, Inc., a YC backed media startup that grew its user base from zero to eight million unique visitors in its first year of operation. Despite his professional background, he is an avid user of social media. And, he is not averse to a good old fashion advertising campaign.
The company has been around for less than three years, but has amassed over one million users in the process, making it the largest African technology startup. Its marquee products include the Dash, the Dash+ and Dash+Me, its premium service. In January, the company processed over $300 million in TPV (transactions per volume), a feat not achieved by any one financial institution.
In January, the company also announced that it has closed a $1.2 million seed round, the first of its kind in the country. This demonstrates the company’s commitment to investing in the country’s future.
Dash’s revenue model
Dash’s revenue model is based on a tiered commission structure. Each restaurant has to pay a certain percentage of its total order value. This fee is paid directly to Doordash, which then reimburses the restaurants. The total payout to the restaurant is determined by the number of deliveries and the location.
Its revenue model is also dependent on the quality of its offerings and the convenience of its users. To promote its service, Doordash offers various promotions packages.
Doordash was founded in San Francisco by Stanley Tang, Evan Moore, and Andy Fang. They decided to focus on underserved areas.
Initially, the company started as a delivery service, but it soon became a full-blown on-demand food delivery marketplace. As its business grew, it acquired several companies, including Caviar, Buying Rickshaw, and Chowbotics.
Its revenue model includes a variable percentage fee, which is subtracted automatically when orders are made. Customers are also able to tip the Dashers. A Dasher can earn up to $600 per week in the U.S.
Dash’s seed round
Dash, a three-year-old company that has been operational in Nigeria, Kenya, and Ghana, is now raising its second seed round, which is one of the largest in Africa. The company closed its first seed round in October, but reopened the round after investor interest increased. Insight Venture Partners, Techstars, 4DX Ventures, ASK Capital, and Jupiter Money participated in the round.
Finally
Dash is an alternative payment network that brings together mobile money and traditional banks, allowing consumers and businesses to make and receive payments. Dash has processed more than $1 billion in transactions since its launch. Its goal is to create a digital payment network that will enable 1.3 billion Africans to transact with digital money. Currently, most payments are made through mobile wallets and telecommunications companies. But, with its alternative payment system, Dash plans to allow users to access services that are unavailable through these traditional providers. Ultimately, Dash hopes to make its services available in other countries as well, aiming to bring its 200,000 users across the continent.
