Karma, which gives employees early access to their wages, has reportedly bagged £15m from Fortunis Capital.
The investment also includes a £500m revolving debt pool, according to a number of reports in the media.
Employers can leverage Karma to give their employees early access to wages and earn rewards when making daily purchases. The smartphone app gives employees access to £300 from their pay cheque early, which can be spent through the app at a retailer of their choice.
Users can also earn up to 5% cash back on spending through the app via the rewards programme.
Some of the retailers available through the Karma app include Café Nero, Tesco, the Restaurant Card, Starbucks, Primark, Pizza Hut, Pizza Express, Decathlon, Foot Locker, GAP and more.
The company was part of the UK Financial Conduct Authority’s sandbox programme.
Earlier in the year, it was reported fellow FinTech offering early access to cash FlexxPay closed its pre-Series A round.
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