Spend and expense management platform Extend has secured $20 million in additional capital in its latest debt and equity round, which the company said will help it broaden partnerships and expense management services.
The Extend platform works with partner banks to enable users to create virtual cards for employee spending and vendor payments with their existing bank card programs. Extend currently is embedded in more than a dozen banks in the U.S. and Canada and is working to expand at both large banks and smaller issuers. The company also has been adding expense management capabilities, including approvals, receipt capture and expense reconciliation.
The newly announced funding “represents a pivotal moment for Extend as we accelerate our path to profitability and launch our paid [software-as-a-service] offering,” Extend CEO Andrew Jamison said in a statement. “With strong backing from B Capital and our investor group, we’re building a comprehensive spend and expense management platform while maintaining our focus on capital efficiency and deepening our relationships across the banking ecosystem.”
B Capital led the funding round, and other participants included March Capital, Point72 Ventures, FinTech Collective and Commerce Ventures, a new investor for Extend.
Extend also announced that it has hired the company’s first chief financial officer, Francois Horikawa, with the closing of the financial round. Horikawa previously was head of finance for PayPal’s consumer business unit, which includes Venmo, peer-to-peer cards and small business lending.
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