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Commercial card use in the US is rising dramatically, with spend volumes of $504.7B in 2018 projected to grow to $847B by 2022 driven by a commercial shift away from paper-based payments. Portfolio company, Extend - a virtual commercial credit card issuing platform, has a massive opportunity in front of it.
Insight 2: Virtual cards are skyrocketing but are not the only driver of growth. There’s no denying that virtual cards have been gaining significant momentum in 2018, with some banks reporting growth rates of 195% over the previous year. It’s not hard to see why. Commercial cards increase security, help control spending and most importantly, simplify reconciliation. They also fit nicely into businesses’ ongoing efforts to digitize back office and core processes by helping to streamline, and by increasing automation and visibility of payments.
