Ghana-based fintech startup Dash's CEO and founder Prince Boakye Boampong has been temporarily suspended as the firm investigates allegations of financial impropriety.
Until the audit is concluded, the firm's board has roped in former CEO of Kopo Kopo Kenneth Kinyua as interim CEO.
Boampong is accused of misreporting the company's finances.
- In addition, he "sold millions of dollars' worth of his shares in a secondary sale," per TechCrunch.
- Last March, Boampong stated that the company had handled $1B in transactions and acquired a million customers throughout Ghana, Kenya, and Nigeria. In retrospect, TechCrunch believes the values were inflated, judging by the growth rates of competitors in the region.
- Dash raised $32.8M in seed funding last March at a $200M valuation.
- The firm's notable backers include Insight Partners, Global Founders Capital, 4DX Ventures, and ASK Capital.
