Karmic Lab's product, Dash, wants to deliver the future of expense management by allowing managers to control real-time spending of employees. To get there it just raised $5 million, with Greycroft Partners leading the funding round.
It’s true that Dash is operating in a market that’s already taken up by major expense-tracking players (i.e., Concur and Expensify). That said, Dash takes a fresh angle on expense management by partnering with MasterCard to provide those free company cards. “It’s a debit card at its core, but the real pitch is can we build a new age Amex,” said Greycroft partner Mark Terbeek. The selling point for Dash is that it doesn’t just help businesses manage their tally of expenses, it also enables employees to make business-related purchases without dipping into their personal funds. Although right now Dash uses debit cards to help employees make transactions with company cash, it could eventually support other forms of payment — like a digital wallet or Bitcoin.