Deception At Dash: How USD 80 M+ In Funding Went Down The Drain

A board meeting that took place on Friday, January 20, marked the beginning of what would ultimately play out as the unravelling of Dash, a fintech startup that insiders say has nosedived after raising over USD 80 M in venture capital (VC) to revolutionise Africa’s digital wallets landscape, leaving stakeholders and observers alike bewildered.

As it turns out, a company-wide meeting held virtually on Tuesday, October 3, some eight months later, has all but confirmed what the startup’s remaining 70+ employees had feared for months: Dash is laying off staff and winding down, WT has learned, per three sources close to the company.

“Things have been gloomy. There was anticipation of the news after the meeting invite was sent on Monday. We were expecting an announcement of shutting down the company so it was no surprise,” said one employee who volunteered that most of the staff at Dash, having read the handwriting on the wall, had been seeking out new jobs over the past months.

“A...