Cardata Raises $100M in Funding
Summary
Cardata, a Toronto, Canada-based provider of tax-compliant mileage reimbursement software for organizations, raised $100M in funding. The company intends to use the funds to accelerate its market coverage and pace of innovation in both its core systems and new products, enabling it to continue to support its customer base. Led by Sheret Ross and Michael Levine, Cardata provides a suite of reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work. The company provides cost-effective and accurate ways to reimburse drivers for using their personal vehicles for work, with IRS-compliant programs like Fixed and Variable Rate (“FAVR”) and Tax Free Car Allowance (“TFCA”). Over the past three years, Cardata has tripled its annual recurring revenue, growing by over 200% in aggregate.