Virtual card platform Extend raises $11m
Virtual credit card issuance platform Extend has secured $11 million in Series A funding, reports David Penn at Finovate.
The round, led by Point72 Ventures and FinTech Collective, featured participation from Reciprocal Ventures and strategic partner City National Bank.
The funding takes Extend’s total capital to $14 million. The company says that the financing will enable it to launch new features for both its app and API, pursue partnerships, and add talent to its engineering, marketing, and operations teams.
“Extend allows banks to keep up with the fast pace of the evolving payment landscape,” CEO Andrew Jamison says. “Our cutting-edge capabilities sit seamlessly on top of existing bank card platforms, eliminating traditional technical hurdles to deployment.”
Extend offers two primary solutions: an app for businesses that enable them to provide their workers with a secure payment option in the form of a virtual card, and a set of APIs that incumbents and startups can use to better leverage virtual credit cards.
The company’s virtual card payment option is a boon for businesses engaged in microservices or the gig economy. And Extend’s partnerships with card issuers – the company has integrated with both Mastercard and Visa – empowers those firms to provide a variety of advanced virtual card capabilities to their customers.
“We lead the way for future financial innovation by serving as the layer between fintech startups and financial institutions,” Jamison says. “This enables them to better integrate their services for the mutual benefit of their customers.
