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.
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Extend raises $40m for its virtual card offering to help banks better compete with fintech companies
“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.”
