New York-based digital payments infrastructure provider Extend has raised $40 million in a Series B fundraising round led by March Capital and backed by B Capital, Point72 Ventures, Fintech Collective, Reciprocal Ventures, Wells Fargo, and Pacific Western Bank.
Founded in 2017 by industry veterans with decades of experience at the likes of American Express and Capital One, Extend offers a suite of aggregated virtual card APIs, a digital corporate card app, and a card tokenisation service.
The startup has integrated directly with major networks and processors — including Mastercard, and Visa — to build a platform that supports product development on top of the infrastructure banks are built upon.
Most recently, American Express announced it is now offering Extend’s virtual card platform to its millions of Business Card members.
Andrew Jamison, CEO, Extend, says: "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."