Dash Insight Venture Partners is a new startup company that combines mobile money and traditional banks to create an alternative payment network. They plan to launch their product in the US next month, and in Asia in October. They were recently announced at TechCrunch’s South by Southwest conference.
Byld Ventures
Byld Ventures is a 15 million dollar fund based in New York City that has already made four investments. This includes a $11 million investment in the social media startup Twitter and a $5 million round in a company that aims to deliver an online video conference call via augmented reality (AR). In addition, the fund has a slew of repeat investors, including former Twitter execs and the likes. The fund is still in the early stages of fundraising, but it should close by year’s end.
Dash, the company, is another entrant in the aforementioned category. Founded in 2012, Dash has an impressive product lineup aimed at increasing the efficiency of digital payments across the African subcontinent. The fund is likely to use the money to build its team and expand into key markets in the region biographyer.
Prince Boakye Boampong
Dash is a new company whose primary goal is to make digital payments more convenient for 1.3 billion Africans. Its app provides consumers with access to a variety of services that their usual providers would have little to no interest in providing. Among the perks is the ability to send money across countries. The company is not out to take on the mobile money industry; it is a complementary platform to mobile wallets such as M-pesa and Airtel Money.
The Dash App has received more than half a million dollars in pre-seed financing. Insight Partners, a New York based private equity firm, led the round. Although the aforementioned eponymous app isn’t the first to tout a wallet-to-wallet exchange of cash, it does make the list of fintech companies with an impressive capitalization. A second round was also announced, with a hefty sum of money being dumped into the mobile app.
The company has not yet announced the details of its latest funding round, but the company did release a video on its website that outlined its mission to improve digital payment technology on the continent.
Alternative payment network combines mobile money with traditional banks
Dash is a mobile payments application that is currently operating in Ghana, Kenya, Nigeria, and Tanzania. It is designed to help Africans access financial tools. In addition, it facilitates the processing of transactions for businesses and consumers. This funding will enable the company to expand its footprint in key markets in Africa.
Mobile money is an electronic, pay-as-you-go medium of exchange, which is independent of a traditional banking network. It is defined by the IMF’s Financial Access Survey as “a system in which consumers can store, send, and receive money by using a mobile phone or other wireless device, excluding the value stored on a credit or debit card.” The mobile money market is expected to grow at an average annual rate of 45% through 2020, according to a McKinsey report. However, it is still at a disadvantage in terms of integration with internet-based digital financial products.
Telecom infrastructure is a key factor in facilitating the delivery of financial services. However, a large portion of the telecom industry’s distribution network is still closed to other players.
Revenue model
Dash is a mobile payments application that enables easy and seamless transactions for consumers and businesses. Currently, the app is operational in Nigeria, Kenya, and Ghana. The company is aiming to expand its reach into key markets across Africa. It will use its funding to develop new features, and to strengthen its team.
The company also offers an alternative payment network, which brings together mobile money and traditional banks. It allows for communication between financial platforms, and it facilitates the processing of online and offline payments. In addition, the app has been designed to provide financial tools to everyday Africans.
Finally
Other notable companies that have received investment from Insight Capital include SentinelOne, Udemy, and Darktrace. This year, the company has made 50 investments. It has also made 35 investments as the lead investor. This includes an 80 million Series C for Wandelbots. According to Insight, its revenue model is based on recurring revenue.
