Extend, a NYC-based mobile platform designed for business cardholders to share access to credit card via virtual cards with employees and freelancers, completed a $3m seed financing round.
The round was led by Point72 Ventures with participation from Plug and Play, Reciprocal Ventures, WorldQuant Ventures, and other individual investors. Silicon Valley Bank provided debt financing.
Founded by Andrew Jamison, CEO, Guillaume Bouvard, COO, and Danny Morrow, CTO, Extend is a universal card sharing platform, created in partnership with banks, that enables both cardholders and designated recipients to securely and instantly send and receive temporary credit cards. Cardholders can send a unique digital credit card to employees, contractors, and freelancers with a defined spend limit and expiration date while tracking the purchases being made with the card, without revealing the card number.
Launched in September, the company focuses on fast growing companies and on the entertainment and construction verticals, which rely on freelancers and contractors who typically don’t have tools to pay for the goods and services they need to get their jobs done.
Networks and banks get to extend the reach of their relationships and credit cards, giving them access to new spend volumes, high margins, and credit line utilization. The deployment of Extend takes no effort for either banks, corporate customers, or end users. Any bank already integrated with MasterCard In Control for Commercial Payments (ICCP 2.0) can deploy Extend.
Beyond the initial launch with Silicon Valley Bank, the company is working with MasterCard and Visa to enable the platform for participating U.S. issuers through a series of pilot programs.
Cardholders and digital card recipients only need to download the app from the Apple or Google app stores to access the platform.