Extend, a spend and expense management platform, has raised $20m in a new funding round as it pushes ahead with expansion plans.
The latest round included both debt and equity, with equity investment led by B Capital. Other backers included March Capital, Point72 Ventures, FinTech Collective, and newcomer Commerce Ventures.
The FinTech enables businesses to streamline payments and expenses without changing their existing bank card programmes. Extend’s technology allows companies to generate virtual cards for vendor and employee use while incorporating tools for approvals, receipt capture, and automated reconciliation.
Funds from the new round will support the launch of Extend’s paid SaaS offering and help scale its issuer partnerships.
Alongside the funding, Extend has strengthened its executive team with the appointment of Francois Horikawa as chief financial officer. Horikawa previously led finance for PayPal’s consumer unit, which covers Venmo, P2P, Cards, and small business lending.
Investor enthusiasm has been driven by Extend’s entry into expense management, its growing pipeline of issuer partnerships, and its ability to demonstrate a clear route to profitability. The company is integrated with more than a dozen major banks across the US and Canada, including top 10 institutions, and is steadily building its presence among smaller issuers. Its API-based platform underpins a wide range of use cases from SMBs to digital commerce, with a focus on reshaping the $1.6tn US corporate card market.
Extend CEO Andrew Jamison said, “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.”
B Capital general partner Allen Duan said, “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
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