Karmic, a leader in the convergence of payment cards and mobile software, has raised $17.2 million in a Series B round of financing. The company also announced that Wei Hopeman and Jim Whims have joined its board of directors.
"This investment propels Karmic to the next stage of growth, and adding Wei and Jim's expertise to our board will help us get there quicker," says Mario Furgiuele, CEO of Karmic. "Karmic continues to build out our proprietary technology solutions to support payment and expense management products for small- and medium-sized businesses, increasing their access to the growing purchasing card market, expected to be $377 billion by 2019."
Hopeman is a finance industry veteran, former Citigroup executive and currently a managing partner at Arbor Ventures. Whims is a gamification industry veteran, former Sony PlayStation executive and currently a partner at Alsop Louie.
The $17.2 million investment will support the expansion of Karmic's enterprise-focused business, which designs technology solutions for large companies, banks, payment processors and payment networks to provide for their small- and medium-sized business customers. Karmic's technology helps business owners, employees and third-party contractors manage and control spending by using Karmic's payment and expense management solution built into a mobile application.
Karmic offers turnkey technology solutions, and partners can issue cards or use a bank-sponsored program. The innovative offering is easy to use with no credit check and no overdraft fees, late fees or interest. This solution allows for real-time spending and expense management: users can easily add, send and remove money, and implement spending controls and limits for employees and subcontractors. Karmic's industry-leading transaction processing system is backed by the global leader in payment services and offers real-time security and fraud monitoring.
Alsop Louie Partners, Arbor Ventures, Greycroft, Marketplace Funds, Startup Capital Ventures and others participated in this round of financing.
About Karmic
Karmic (http://www.karmic.com), a leader in the convergence of payment cards and mobile software, has developed a robust, integrated payment and expense management solution that gives businesses the power to save time and money. Karmic is committed to developing reliable platform solutions that power simple and state-of-the-art financial applications. Offering ease of enrollment, payments and expense management along with a real-time mobile experience, "Powered by Karmic" solutions help anyone manage their expenses.