Digital payments infrastructure platform Extend has secured $40m from a Series B fundraising round.
The round also saw participation from B Capital, Point72 Ventures, Fintech Collective, Wells Fargo, Pacific West Bank and Reciprocal Ventures.
Established in 2017, Extend is a digital credit card distribution platform for banks, FinTechs, business and their customers that integrates with legacy bank issuing systems in order to enable modern virtual credit card features and distribution capabilities.
The company offers both a virtual credit card and distribution app for business customers that want to instantly equip anyone with a secure mean of payments, alongside a suite of APIs for FinTechs in order to leverage virtual credit cards to enhance their products, enable commerce at point-of-service and streamline payment operations.
Extend has already integrated directly with major networks and processors such as Visa and Mastercard, with American Express recently announcing it is offering Extend’s virtual card platform to its Business Card members.
Extend CEO Andrew Jamison said, “As industry veterans, we saw first-hand how issuers were struggling to overcome the complexity of banking infrastructure. With competition proving concepts for payment innovation and showing us the path forward, it was clear that banks standing on legacy systems would be left behind if unable to meet new customer expectations.
“The upside is that customers don’t want to leave their banks and that’s where we come in. By streamlining access to key components of the payment stack, we’ve been able to deliver solutions that are universally accessible.”
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