Canada, Toronto-based Cardata has successfully raised $100 million in funding, with investment leadership from Wavecrest Growth Partners and participation from MassMutual Ventures. The company plans to utilize these funds to accelerate its market expansion and enhance innovation across both its core systems and new product offerings, ultimately strengthening its commitment to serving its growing customer base. Led by Sheret Ross and Michael Levine, Cardata specializes in providing tax-compliant mileage reimbursement software, compliance programs, and business intelligence tools designed for organizations that require efficient and precise methods for reimbursing employees who use their personal vehicles for work-related purposes. The company's offerings include IRS-compliant programs such as Fixed and Variable Rate ("FAVR") and Tax Free Car Allowance ("TFCA"). Cardata has shown impressive growth in recent years, with annual recurring revenue tripling and an overall growth rate exceeding 200% during the past three years.