Prepaid Technologies, a leading provider of business payment solutions, announced the acquisition of Karmic Labs’ dash™, the San Francisco-based purchasing card portfolio and expense management solution, as well as other select assets.
The deal, which closed on March 1, 2019, adds several members of Karmic’s key personnel to the Prepaid Technologies team, with team members now operating throughout North America. The addition of the dash platform also adds a robust expense management solution and extensive card portfolio to the Prepaid Technologies suite of offerings, including payroll programs, business purchasing cards, reward and incentives and per-diem card offerings. Current Karmic and dash customers will benefit from an expanded range of services, products, and resources including Prepaid Technologies’ dedicated customer support.
“Integrating the dash purchasing card structure into our existing portfolio increases efficiencies and enhances our growing suite of solutions for businesses and payments service providers,” said Prepaid Technologies CEO, Stephen Faust. “This cardholder portfolio more than doubles our existing expense management business, elevating purchasing to the level of our payroll, incentive and rewards lines of business.”
Prepaid Technologies’ solutions provide customers with a mobile-focused platform enabling business owners to move money in real-time to individual cards and accounts for everyday purchases. It also empowers administrators with key insights into spending, providing better control in the expense reconciliation process. These solutions are significantly enhancing traditional payments for many business segments, particularly universities and municipalities.
“The addition of dash is another prime example of how we’re fulfilling our commitment to provide the broadest suite of payment solutions to our partners and commercial clients, with a focus on quality,” said Faust.
Over the next several months, Prepaid Technologies will integrate the dash portfolio into its service offering, working diligently to transition existing clients, while also providing them with access to additional payments and business management solutions including:
- Revolutionary payroll card programs that improves bottom-line performance and provide value to employees.
- Reward and incentive cards to support stronger customer and employee relationships.
- State-of-the-art API Payment Integrations that transform internal operations, speed-up payments and create operational efficiencies.