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Karmic Secures $17.2 Million in Series B Financing, Adds Board Members

Pay Award-winning Karmic, which offers an integrated payment and expense management solution, has raised $17.2 million in a Series B round of financing. Wei Hopeman and Jim Whims have joined its board of directors.


Amex Taps Virtual Cards for Business Travel Expenses

American Express is the latest payments company to recognize the benefits of enabling virtual account numbers for business travel. The addition of virtual account numbers enables businesses to set usage dates and pre-authorize spending limits at the time of booking, helping reduce fraud and encourage compliance with company travel policies, Amex said.


Fintech Funding Roundup: Revolut, Curve, Pixoneye, Gridspace

And the money keeps rolling in for fintech. U.K. challenger bank Revolut announced a $66 million investment it will use to introduce new features and expand globally, starting with Asia and North America. Meanwhile, Santander InnoVentures, the bank’s fintech venture capital fund, has added U.K.-based Pixoneye and Curve and U.S.-based Gridspace to its portfolio.


Klarna Enters the ‘Big Time’ with Banking License

Payments provider Klarna has powered up with a full banking license from Finansinspektionen, the Swedish Financial Supervisory Authority. The license enables Klarna to broaden its product portfolio for customers and merchants, according to the company.


Mobile Wallets to Boost Convenience for EBT Recipients

Move over prepaid cards. Mobile wallets might be be able to solve for fraud and instant delivery of benefits better than any piece of plastic.


Vacation Savings Plan, Prepaid Card Help Employees Get Away

It’s vacation season, and employers have a new tool to encourage employees to take much-needed time off and come back more productive. 401Play is offering what it calls a vacation savings account program with a companion Capital Prepaid Services’ BlazePays Visa Prepaid Card to help employees save for vacation.


Prepaid Vets’ New Gifting Play Targets Underserved Merchants

With retailers of all sizes seeking to harness the power of omnichannel gift cards to drive revenue and engage customers, a pair of prepaid industry veterans have formed a new company aimed at helping midsize merchants expand gift cards sales. Dubbed nthCard, the company is the brainchild of Wayne Chatham—a serial prepaid entrepreneur who most recently served as CEO of Card Compliant—and fellow industry veteran John Bechard.


India Meal Vouchers Go Digital: Paytm, Zeta Launch Electronic Alternatives

Competition in the corporate meal voucher market in India is heating up as providers are launching alternatives to paper vouchers, which the Reserve Bank of India will no longer allow beyond 2017. Among them is online commerce platform Paytm and electronic payments provider Zeta.


Acquisitions Drive Record Start for Meta’s Tax Business

Meta Financial Group’s heavy investment in the tax refund space is paying dividends, with the company’s MetaBank subsidiary originating a record $1.26 billion in interest-free tax advance loans between Dec. 12, 2016, and Feb. 28, 2017—up from less than $100 million in advance loans during last year’s tax season, according to the parent company.


New Blackhawk Program Offers Same-Day Rebates for Utility Customers

Capitalizing on consumer demand for cashback rewards, Blackhawk Network has launched a new rebate processing solution that helps utility service providers offer a rebate consumers can receive on the same day of service via prepaid card.