Extend, a spend and expense management platform, has secured $20 million in additional capital, including new venture debt and an equity investment led by B Capital. Additional participation came from March Capital, Point72 Ventures, FinTech Collective, and a new investor, Commerce Ventures.
Through its partnerships with leading banks, Extend enables businesses to create virtual cards for vendor payments and employee purchases. The company is now incorporating tools to manage approvals, capture receipts, and reconcile expenses with greater transparency and automation. link
“This funding represents a pivotal moment for Extend as we accelerate our path to profitability and launch our paid SaaS offering,” said Andrew Jamison, CEO of Extend. “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.”
In addition to closing this funding round, Extend is also bolstering its leadership team with the addition of Francois Horikawa as chief financial officer. Previously head of finance for PayPal’s consumer business unit—which includes Venmo, P2P, cards, and small business lending—Horikawa brings fintech expertise.
The company’s entry into expense management, a growing pipeline of new issuer partnerships and a clear path to profitability, reportedly attracted investors.
“Extend’s unique approach combines the familiarity of existing business credit cards with the power of modern software,” said Allen Duan, general partner at B Capital. “Their expansion into expense management and disciplined approach to growth position them to become a category-defining platform in the space.”
“We’ve followed Extend’s journey for years and believe they’re at an inflection point,” said Dan Rosen, founder and general partner at Commerce Ventures. “With deep bank integrations, a strong team, and an exciting expansion into paid SaaS, (it) is positioned as a standout in the B2B payments ecosystem.”
Extend is embedded in more than a dozen leading banks across the U.S. and Canada, and is actively expanding with strategic integrations at top 10 banks and smaller issuers. Its API-driven architecture, virtual card capabilities, and user experience can support a range of business use cases from SMBs to digital commerce.