Extend, a credit card distribution platform based in the U.S., announced on Wednesday it secured $11 million through its Series A funding round, which was co-led by Point72 Ventures and Fintech Collective. Founded in 2017, Extend describes itself as a digital credit card distribution platform for banks, fintechs, businesses, and their customers. It claims to redefine how credit cards are issued.
“A certified Visa and MasterCard partner, Extend seamlessly integrates with legacy bank issuing systems to enable modern virtual credit card features and distribution capabilities.Extend is live with both a peer-to-peer credit card sharing app for business customers that want to instantly equip anyone with a secure mean of payments, and a suite of APIs for fintechs to leverage virtual credit cards to enhance their products, enable commerce at POS, and streamline payment operations.”
Speaking about Extend’s growth and development, Tripp Shriner, Partner of Point72 Ventures, stated:
“Growing customer expectations are driving fintech startups and financial institutions to develop and deliver more dynamic, feature-rich digital payments experiences for their customers. Extend’s platform enables that innovation and we are thrilled to support the team as they execute on the large opportunity in front of them.”
Andrew Jamison, CEO of Extend, went on to add:
“Extend allows banks to keep up with the fast pace of the evolving payment landscape. Our cutting-edge capabilities sit seamlessly on top of existing bank card platforms, eliminating traditional technical hurdles to deployment. We lead the way for future financial innovation by serving as the layer between fintech startups and financial institutions, enabling them to better integrate their services for the mutual benefit of their customers.”