Total amount raised
$54 Millions
Latest funding date
10/1/2021
Location
Extend has successfully raised significant funding through multiple rounds, including a Series B round. The platform offers virtual credit cards and spend management solutions for businesses.
Keep reading to explore the intricacies of Extend's fundraising journey and the investors backing this innovative platform.
What Is Extend?
Extend, founded in April 2017, is a digital card platform based in New York, New York. The company was established by Andrew Jamison, Danny Morrow, and Guillaume Bouvard.
Extend offers virtual credit cards and spend management solutions for businesses, modernizing the way payments are made and managed. Their platform includes a suite of aggregated virtual card APIs, a digital corporate card app, and an industry-first card tokenization service.
With a team of 51-100 employees, Extend continues to innovate in the financial technology space, providing businesses with powerful tools to manage their expenses efficiently.
How Much Funding Has Extend Raised?
- Seed Round
- Amount Raised: $3M
- Date: April 2018
- Lead Investors: Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch their virtual card services.
- Series A
- Amount Raised: $11M
- Date: April 2019
- Lead Investors: FinTech Collective, Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase market reach.
- Series B
- Amount Raised: $40M
- Date: October 2021
- Lead Investors: March Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand service offerings, including bringing card solutions to the consumer market.
Total amount raised: $54M. Current valuation: Not publicly disclosed.
Key Investors
- March Capital
- Details: March Capital is a venture growth firm based in Santa Monica, California. They focus on later-stage companies poised for hyper-growth and have over $1 billion in capital across four funds.
- Investment Focus Areas: AI, cybersecurity, fintech, IT infrastructure.
- Notable Investments: CrowdStrike, ASAPP, Forter.
- Point72 Ventures
- Details: Point72 Ventures is the venture capital arm of Point72 Asset Management, investing in early-stage technology companies. They focus on financial technology and digital payment solutions.
- Investment Focus Areas: Fintech, AI, enterprise technology.
- Notable Investments: Acorns, Extend, Socure.
- FinTech Collective
- Details: FinTech Collective is a venture capital firm that specializes in investing in financial technology companies. They aim to back entrepreneurs who are reimagining financial services.
- Investment Focus Areas: Payments, lending, blockchain.
- Notable Investments: MoneyLion, Axoni, Quovo.
- Reciprocal Ventures
- Details: Reciprocal Ventures is a venture capital firm that focuses on early-stage fintech companies. They aim to support innovative startups in the financial technology space.
- Investment Focus Areas: Payments, lending, insurance technology.
- Notable Investments: Extend, MoneyLion, Stash.
- Wells Fargo
- Details: Wells Fargo is a major American multinational financial services company. They invest in fintech solutions to enhance their banking operations and customer offerings.
- Investment Focus Areas: Financial services, technology innovations.
- Notable Investments: Extend, GreenSky.
What's Next for Extend?
Extend stands at the cusp of significant growth opportunities, driven by its integration with major networks like Mastercard and Visa, and partnerships with financial giants such as American Express. The company’s virtual card platform and API solutions position it to capitalize on the increasing demand for digital payment solutions, with a market potential that could reach trillions globally.
Future fundraising seems promising, given Extend's impressive growth metrics and the successful Series B round. The company may attract further investments to support its expansion into the consumer market and enhance its technology stack. However, challenges such as competition from neobanks and the complexity of integrating with legacy banking systems could pose hurdles. Ensuring seamless onboarding and maintaining rapid growth will be crucial for Extend's continued success.
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