US-based Extend, a company that creates platforms that enable digital payments and is modernizing the payments industry, raised USD 40 million on 28th October.
Investors: March Capital led the funding with B Capital, Point72 Ventures, Fintech Collective, Reciprocal Ventures, Wells Fargo, and Pacific Western Bank participating. Such support from reputable fintech investors demonstrates how Extend’s unique vision holds potential.
Purpose of the funding: In order to modernize the payments industry, the company is building a platform from the ground up. Therefore, card issuers can integrate Extend’s solutions into their existing product offerings without requiring any technical implementation.
About Extend
Founded in 2017 by Andrew Jamison, Danny Morrow, and Guillaume Bouvard. Extend is a digital platform that distributes credit cards to businesses, fintech, and their customers in a way that redefines the credit card market. In addition to being a certified partner of Visa and MasterCard, Extend is capable of integrating with legacy bank-issuing systems, enabling the use of virtual cards.
For business clients seeking to instantly provide employees and customers with a secure means of paying, Extend offers an app to distribute virtual credit cards. Fintechs can use the APIs to integrate virtual credit cards into their products, facilitate POS commerce, and simplify payments.
What the Founder has to say:
“As industry veterans, we saw first-hand how issuers were struggling to overcome the complexity of banking infrastructure. With competition proving concepts for payment innovation and showing us the path forward, it was clear that banks standing on legacy systems would be left behind if unable to meet new customer expectations. The upside is that customers don’t want to leave their banks and that’s where we come in. By streamlining access to key components of the payment stack, we’ve been able to deliver solutions that are universally accessible. But what excites me most, is the creativity that such accessibility breeds—not only are we helping banks reach the new status quo, we are seeing innovators develop their own solutions with the flexibility of our platform,” said Andrew Jamison, CEO, and Co-founder at Extend.
What the Investor has to say:
“We were excited by the approach Extend has taken to building this digital infrastructure that enables modernization for banks across the industry. The market is inundated with neobanks offering new banking solutions but there’s little payment innovation coming out of established institutions. Extend is laying the foundation for the next generation of growth for major banks,” said Sumant Mandal Co-Founder & Managing Partner at March Capital.
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