Digital payments infrastructure provider, Extend became the latest payments firm to raise significant funds for the expansion of its operations. The fintech startup raised $40 million in a Series B investment round led by March Capital.
Wells Fargo, B Capital, Point72 Ventures, Fintech Collective, Reciprocal Ventures, and Pacific Western Bank also participated in the Series B funding round. According to Extend, the company is working on the modernization of the global payments industry.
In September 2021, American Express, the US-based financial services provider, announced a partnership with Extend to enhance virtual card solutions for businesses in the US. The virtual card platform of Extend has gained popularity among leading financial institutions in 2021.
“We were excited by the approach Extend has taken to building this digital infrastructure that enables modernization for banks across the industry,” said Sumant Mandal of March Capital. “The market is inundated with neo banks offering new banking solutions but there’s little payment innovation coming out of established institutions. Extend is laying the foundation for the next generation of growth for major banks.”
API Solutions for Banks
Extend is currently offering various API solutions to banks. According to the fintech firm, leading banks around the world can take advantage of its API solutions to support customers through innovative products. “Banks can also lean on Extend and its API connectivity to embed payments directly into 3rd-party platforms, such as AP software or in the case of one Extend client, a travel booking software. These API offerings enable issuers to effortlessly stand up new products, accelerate partner integrations, and expand the number of services available to their customers,” Extend highlighted.
Extend also outlined the company’s substantial growth in 2021. The digital payments infrastructure provider saw growth of nearly 30% month-over-month. According to Extend, more than 2,000 business customers around the world are currently using the company’s platform.
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