VCs Back Effort To Give A Corporate Card To Every Worker

Would it be smart to let every employee gain access to the company card? At first glance, perhaps no. But with today’s spend control capabilities, such a feat may lead to more efficient procurement.

One startup has just secured financial backing to bring this concept into reality. Karmic Labs snagged $5 million from investors, according to Wednesday (July 8) reports, as venture capitalists support the company’s expense management software and tools through its Dash platform.

“We merged the payments layer with the actual transaction itself, so within seconds of the transaction you should be able to see that you made it,” said Dash CEO Ryan Weidenmiller in an interview with VentureBeat about the platform’s capabilities.

A key element of Dash is that it allows companies to issue an unlimited number of MasterCard debit cards, all of which can have their own spend controls set and maintained through the Dash app. What’s more, businesses can use these cards for free if they are being used, with just a $5 annual fee for cards that go unused.

Reports say Dash provides the capability for companies to issue all of their employees a company card at nearly no cost. With the card’s features, employees can automate their expense reports, saving time and manpower while streamlining the reimbursement process.

Spend controls can be accessed by travel and expense managers through a mobile device or desktop and can receive notifications about requested spending limit changes or suspicious charges on the devices, too. Dash can also be linked to multiple bank accounts.

Karmic Labs revealed last April that Dash emerged from beta phase. At the time, Weidenmiller touted the service as one that allows travel and expense managers to manage employee spending without needing third-party expense management software to synchronize spending with reporting.

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