Prepaid Technologies has acquired ‘dash’, a San Francisco-based purchasing card portfolio and expense management solution from Karmic Labs.
Financial details of the deal, which was completed on 1 March, have not been divulged.
This deal brings several employees of Karmic into Prepaid Technologies team. These employees will operate in North America.
The dash platform adds easy expense management solutions and substantial card portfolio to the suite of offerings of Prepaid Technologies. That comprises business purchasing cards, reward and incentives, payroll programmes and per-diem card offerings.
Benefits of acquisition
Customers of Karmic and dash will stand to benefit from a wide range of services, products, and resources. These include customer support of Prepaid Technologies.
Prepaid Technologies’ solutions provide a mobile-focused platform that helps business owners to transfer money for everyday purchases to individual cards and accounts in real time.
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The solutions provide administrators with key insights into spending, offering better control in the expense reconciliation process.
These solutions enhance traditional payments for many business segments such as universities and municipalities.
Prepaid Technologies CEO Stephen Faust said: “Integrating the dash purchasing card structure into our existing portfolio increases efficiencies and enhances our growing suite of solutions for businesses and payments service providers.
“This cardholder portfolio more than doubles our existing expense management business, elevating purchasing to the level of our payroll, incentive and rewards lines of business.”
Faust added: “The addition of dash is another prime example of how we’re fulfilling our commitment to provide the broadest suite of payment solutions to our partners and commercial clients, with a focus on quality.”
Over the coming months, Prepaid Technologies will integrate its service offerings into the dash portfolio.
The existing clients will be transferred to the new platform. This will provide them with access to additional payments and business management solutions. These include payroll card programmes, rewards and incentive cards, API payment integrations for speedy payments and efficient operations.