Karmic, a San Francisco, CA-based provider of payment cards and mobile software, raised $17.2m in Series B round of financing.
Backers included Alsop Louie Partners, Arbor Ventures, Greycroft, Marketplace Funds, Startup Capital Ventures and others. In conjunction with the funding, Wei Hopemanm a finance industry veteran, former Citigroup executive and currently a managing partner at Arbor Ventures, and Jim Whims, a gamification industry veteran, former Sony PlayStation executive and currently a partner at Alsop Louie, joined Karmic’s board of directors.
The company intends to use the funds to expand its enterprise-focused business.
Led by Mario Furgiuele, CEO, Karmic designs technology solutions for business owners, employees and third-party contractors to manage and control spending via a payment and expense management solution built into a mobile application.
Users including large companies, banks, payment processors and payment networks can add, send and remove money, and implement spending controls and limits for employees and subcontractors.