Extend, a NYC-based platform that enables virtual credit card issuance for banks, corporations, and other startups, raised $11m in Series A financing.
The round was led by Point72 Ventures and FinTech Collective, with participation from Reciprocal Ventures and strategic partner City National Bank.
Extend, which is building core infrastructure for the future of payments, is transforming the $1.6 trillion U.S. corporate card industry. Its platform also offers a simple, secure virtual card payment option for the $864 billion U.S. gig economy. Having integrated with both Mastercard and Visa, and already partnered with a half dozen strategic banks, Extend
The company, which has raised $14m to date, will use the funds to:
– launch new features for its app and open APIs,
– accelerate bank partnerships, and
– recruit top-tier talent across engineering, marketing, and operations.
Founded in 2017 by Andrew Jamison, Danny Morrow, and Guillaume Bouvard, Extend is a credit card distribution platform, created in partnership with banks and card networks, that enables both cardholders and designated recipients to securely and instantly send and receive temporary virtual credit cards. The company offers two main products:
– an app for businesses that want to instantly give their employees and contractors a secure means of payment, and
– a suite of APIs for incumbents and startups to leverage virtual credit cards.
Extend partners with card issuers so they can deliver advanced virtual card capabilities to their clients. This allows banks to accelerate innovation and meet client needs. With Extend, businesses can instantly send virtual credit cards to anyone, each with a unique spending limit and validity period, taking control of spend, gaining visibility, and earning rewards.
FinSMEs
10/04/2019