Virtual corporate credit card issuance startup Extend has raised $11 million in a Series A funding round led by Point72 Ventures and FinTech Collective.
Reciprocal Ventures and strategic partner City National Bank joined the round for Extend, a New York startup founded in 2017 by former American Express and Capital One execs looking to tap into the fast growing, $800 billion-plus US gig economy.
The firm partners with card issuers so they can deliver advanced virtual card capabilities to their clients. Businesses can use an app to instantly send virtual credit cards to employees and contractors, each with a unique spending limit and validity period, taking control of spend, gaining visibility, and earning rewards.
Extend stresses that it is a card distribution platform, integrating with Visa and Mastercard and building up a partnership network with banks such as City National.
It will use the latest funding to launch new features for its app and open APIs, accelerate bank partnerships, and recruit talent across engineering, marketing, and operations.
“As companies take increasing advantage of microservices and the gig economy to build their businesses, Extend is building the critical infrastructure that will redefine how corporate credit cards can be distributed to manage these new categories of expenses,” says Gareth Jones, managing partner, FinTech Collective.