Extend, a prominent player in the field of spend and expense management, has recently announced the acquisition of an additional $20 million in funding. This funding comes from a mix of new venture debt and equity investments led by B Capital, with notable participation from March Capital, Point72 Ventures, FinTech Collective, and a new investor, Commerce Ventures.
The primary goal of Extend is to empower businesses by providing them with tools that simplify the management of expenses and help control spending more effectively. One of the advantages of using Extend is that companies do not have to change their existing bank card programs to take advantage of these benefits. This flexibility is crucial for businesses looking to streamline their financial processes without undergoing extensive changes.
Through its partnerships with several leading banks, Extend enables businesses to create virtual cards that can be used for vendor payments as well as employee purchases. This feature allows for greater efficiency and security in transactions. Furthermore, Extend is actively working to introduce new tools that will help businesses manage approvals for expenses, capture receipts digitally, and reconcile costs with improved transparency and automation. These developments aim to streamline and organize the expense management process.
In addition to securing this round of funding, Extend is also enhancing its leadership team by bringing on Francois Horikawa as Chief Financial Officer. Horikawa has considerable experience in the fintech industry, having previously served as the Head of Finance for PayPal’s Consumer business unit. His background includes overseeing major areas such as Venmo, peer-to-peer transactions, card services, and small business lending. With Horikawa’s expertise, Extend aims to focus on achieving operational excellence and fostering sustainable profitability as it enters its next stage of growth.
Extend’s services are already embedded in more than a dozen leading banks across both the United States and Canada. The company is not stopping there; it is actively expanding its operations through strategic integrations with the top ten banks and a variety of smaller financial institutions. The foundation of Extend’s offering lies in its API-driven architecture and its industry-leading virtual card capabilities. The platform is designed to be intuitive, supporting a diverse range of business use cases. Whether catering to small and medium-sized businesses or accommodating larger digital commerce enterprises, Extend is playing a significant role in transforming the vast $1.6 trillion U.S. corporate card market.
KEY QUOTES:
“This funding represents a pivotal moment for Extend as we accelerate our path to profitability and launch our paid SaaS offering. 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.”
Andrew Jamison, CEO of Extend
“Extend’s unique approach combines the familiarity of existing business credit cards with the power of modern software. Their expansion into expense management and disciplined approach to growth position them to become a category-defining platform in the space.”
Allen Duan, General Partner at B Capital
“We’ve followed Extend’s journey for years and believe they’re at an inflection point. With deep bank integrations, a strong team, and an exciting expansion into paid SaaS, Extend is positioned as a standout in the B2B payments ecosystem.”
Dan Rosen, Founder and General Partner at Commerce Ventures
