Karmic Brings In $17.2 Million

Fintech startup Karmic announced it has raised $17.2 million in Series B financing. Five investors participated in the round, including Arbor Ventures, Alsop Louie Partners, Greycroft Partners, and Startup Capital Ventures.

Based in San Francisco, CA, Karmic Labs offers API-based services to facilitate new ways for payments and SaaS solutions to converge. Its core product, Dash, is a business expense management platform that supplies employees with pre-paid MasterCards and enables managers to view, approve, and control employee spending via a mobile app. Karmic Labs works with FIS as a distribution partner for Dash and plans to use the company’s funding to advance Dash and create product awareness.

According to the company, this investment propels Karmic to the next stage of growth.