The New York based startup, which provides digital payment infrastructure for financial institutions so they can offer virtual cards to their users, has raised $40m in a Series B funding round led by March Capital. Other investors include B Capital, Point72 Ventures, Fintech Collective, Reciprocal Ventures, Wells Fargo and Pacific Western Bank. The latest financing brings Extend’s total raised since its 2017 inception to $55m.
“We have now exposed these digital capabilities to every existing cardholder,” said Andrew Jamison, CEO and co-founder of Extend. “This is the first time that someone has turned virtual cards into a product in itself, rather than a feature on an existing piece of plastic.”