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.
“This investment propels Karmic to the next stage of growth, and adding Wei and Jim’s expertise to our board will help us get there quicker,” said Mario Furgiuele, CEO of Karmic. “Karmic continues to build out our proprietary technology solutions to support payment and expense management products for small- and medium-size businesses, increasing their access to the growing purchasing card market, expected to be $377 billion by 2019.”
Hopeman is a finance industry veteran, former Citigroup executive and currently a managing partner at Arbor Ventures. Whims is a gamification industry veteran, former Sony PlayStation executive and currently a partner at Alsop Louie.
Alsop Louie Partners, Arbor Ventures, Greycroft, Marketplace Funds, Startup Capital Ventures and others participated in this round of financing.