Extend collects $3m in its Seed financing round led by Point72

New York-based digital business credit card platform Extend has collected $3m in its Seed financing round.

Point72 Ventures was the lead investor, with participation also coming from Plug and Play, Reciprocal Ventures, and WorldQuant Ventures, among others.

Alongside the funding, the company announced its initial bank provider is Silicon Valley Bank and is close to adding more bank partners.

Extend, which launched in September, is building a digital card sharing platform that enables cardholders and selected recipients the ability to send and receive digital credit cards. The company is doing this in partnership with credit card issuers and networks and is hoping to simplify business expenses for employees or freelancers.

Through the app, a user can be sent a virtual credit card which has a designated spend limit and expiry date, with all purchases tracked. The company is currently working with MasterCard and VISA to support the platform for participating US issuers.

Extend CEO Andrew Jamison said, ?We give businesses the freedom to safely share what theirs and we do it in partnership with their trusted bank. With Extend, the common but unauthorized practice of handing over your credit card to an employee or freelancer is over.

?We eliminate the need for individuals to use their personal cards to pay for business expenses. Instead, we enable business leaders to empower their staff to make purchases on company issued digital cards.p>

This is Point72 second FinTech investment this month, having previously co-led the investment in to financial services API developer DriveWealth.

Late last year, travel and expense management app MobileXpense received a ?20m funding round from Fortino, which was its first investment from its ?200m growth fund.

Copyright ? 2018 FinTech Global

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