Karmic Labs, a San Francisco, CA-based developer of a payment processing system, raised a $5m Series A round of funding.
The round was led by Greycroft Partners. According to PeHub, participants included Trusted Ventures, Accelerator Ventures, Pipeline VC, Correlation Ventures and individual investor Iqram Magdon-Ismail. In conjunction with the funding, Mark Terbeek, Partner at Greycroft Partners, joined Karmic’s board of advisors.
The company, which had previously raised $2.7m in seed funding from Draper Associates, intends to use the funds to enhance the product and also expand Dash’s market presence.
Led by CEO and co-founder Ryan Weidenmiller Karmic Labs develops the Dash App and the program manager of the Dash Prepaid MasterCard® (Dash MasterCard). Early traction includes successful beta trials and a partnership with FIS, a large provider of core banking software.
Dash is available in the App Store as GetDash and Google Play as Dash.