Ghanaian fintech Dash raises $32.8M seed

Payment processors such as Visa and Mastercard are primarily responsible for global financial transactions. They are in charge of coordinating communication between banks and fintechs in order to quickly settle transactions for consumers and companies.

Africa is unique in this regard. It isn’t primarily a card-based continent. The majority of online financial transactions carried out in the region via mobile money wallets and bank accounts are led by telecoms and banks.

While both systems perform effectively when users deal within their own environments, there is no interoperability when they transact with the other.

This difficulty could be solved by an alternative payment network with connected wallets that allows a mobile money user to transact with a bank account, which is the concept of Ghana-based fintech Dash. The unified payments app has raised $32.8 million in an oversubscribed seed round, the company announced today.