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Karmic Labs secures $5m in Series A financing led by Greycroft Partners

09 July 2015  |  2437 views  |  0 Source: Karmic Labs

Karmic Labs, the developer of the Dash App and the program manager of the Dash Prepaid MasterCard[1]® (‘Dash MasterCard’), announced today that it has closed a $5mm series A financing led by Greycroft Partners.

The Dash MasterCard simplifies the lives of business owners and employees with secure and dynamic cost controls for corporate payments and expense management solutions - all available via the mobile cloud and at no cost.

The Dash App and the Dash MasterCard are built for teams that get stuff done, and allow companies to not only benefit from real-time spending controls but also workforce empowerment features with real-time payment features. Dash helps organizations improve the way they think about and spend corporate funds. Managers have the flexibility to set budgets; provide employees with business expense management tools; link application to multiple bank accounts; and implement full transparency and spending controls.

By implementing Dash, employees no longer have to worry about capturing paper receipts, or waiting days for transactions to load - the Dash App and Dash MasterCard take care of all of this in real-time, freeing up time. The application also works with business SaaS services to bring new ways of managing an organization.

“We are very excited and honored to work with Mark Terbeek and the entire Greycroft team,” said Ryan Weidenmiller, CEO of Karmic Labs. “Greycroft is clearly a firm with a history of success and strong ability to help companies reach their full potential. Furthermore, they have clearly proven to have a strong acumen in fintech, with investments in both Venmo and Braintree, which were acquired by PayPal for approximately $800 million.”

The Series A funding will be used to enhance the product and also expand Dash’s market presence. Early traction includes successful beta trials and a partnership with the largest provider of core banking software, FIS.

“At Greycroft, we think the convergence of payments with business applications is a massive opportunity,” said Mark Terbeek, Partner at Greycroft Partners. “Based on our experience in the sector, from a product perspective, we see Dash as a Venmo-like solution for businesses, but what’s exciting is that it’s also tied to a corporate card with real-time expense management included. We are also excited about the team we are backing and the early traction they have with leading financial technology players.”

Terbeek also joins the company’s board of advisors.

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