Extend

Extend offers an infrastructure platform for financial institutions (FIs) and businesses to offer virtual payment cards through its virtual card APIs, digital corporate card app, and card tokenization service. The card solutions can primarily be used for enterprise vendor payments as well as employee expense management and reimbursements. In addition to issuing virtual cards, the platform also offers complementing budgeting and reporting solutions. Through its reporting solutions, the platform lets users integrate with third-party apps such as QuickBooks and Expensify as well as attach receipts and invoices to cards.

The company notably caters to incumbent businesses to help them better compete with FinTech startups. Accordingly, Extend enables its users to integrate the platform with existing infrastructure and products, rather than having to replace legacy systems altogether. It is an issuer-agnostic platform; therefore, enterprise customers do not have to switch banking partners to implement virtual card solutions. Moreover, the platform is integrated with major payment networks including Mastercard and Visa.

Extend also caters to non-bank industries like retail, legal services, construction, manufacturing, and media, among others. The company partnered with American Express (Amex) in September 2021 to enable “millions” of SMBs using Amex business cards to access virtual cards.

By October 2021, Extend had more than 2,000 business customers, was reportedly growing at 30% month-over-month (MoM), and was processing a volume of nearly USD 2 billion (the company charges its customers basis points on the transactions processed). The company also raised USD 40 million in Series B funding led by March Capital, that same month.