Paytech start-up Extend raises $40m in Series B round
New York-based paytech start-up Extend has secured $40 million in a Series B fundraise.
The round was led by Californian tech-focused VC firm March Capital, with participation from B Capital, Point72 Ventures, Fintech Collective, Reciprocal Ventures, Wells Fargo and Pacific Western Bank.
Founded in 2017, Extend says it wants to modernise the payments industry “from the inside out”.
The firm provides digital payment infrastructure for banks, businesses and other financial institutions, including a virtual card platform to enable clients to offer digital card solutions.
Extend has integrated with networks and processors — including Global Payments/TSYS, Mastercard and Visa — which means card issuers can use the platform without technical implementation.
The start-up also offers aggregated virtual card APIs, including a buy now, pay later (BNPL) solution, a digital corporate card app and a card tokenisation service.
Extend reports almost 2,000 business customers currently use the platform and claims 30% month-over-month growth.
The start-up says it will use the cash to develop its platform, expand the number of services it provides and make inroads into the consumer market.