Payment provider Karmic Labs has bagged $17.2m in its Series B funding round and adds two new members to its board of directors.
Investors taking part in the funding round included Alsop Louie Partners, Arbor Ventures, Greycroft, Marketplace Funds, Startup Capital Ventures, among others.
California-based Karmic combines payment card and mobile software, allowing for partners to issue cards or use a bank sponsored product. The platform has no credit check or overdraft fees, late fees or interest and lets users add, send and remove money, implement spending controls and limits for employees and subcontractors.
The platform helps employers, employees and third-party contractors have real-time payments and expenses management through its mobile app.
With the capital, Karmic will expand its technology solutions for banks, payment processors and payment networks supporting SME’s.
Karmic CEO Mario Furgiuele said, “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.”
Following the transaction, Arbor Ventuers managing partner Wei Hopeman and Alsop Louie partner Jim Whims will join Karmic’s board of directors.
Total funding into Karmic has reached around $24.9m, with the company nabbing $5m in its Series A led by Greycroft Partners in 2015.
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