Extend, a card sharing platform developer, has raised $3m in a seed financing round led by venture capital company Point72 Ventures.
The funding round was also joined by Reciprocal Ventures, Plug and Play and WorldQuant Ventures.
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Meant for business cardholders, Extend’s app provides a platform to instantly and securely share a company funded credit card in the form of a digital/virtual card with employees and freelancers.
Extend enables the sharing in collaboration with credit card issuers and networks.
Extend CEO Andrew Jamison said: “With Extend, the common but unauthorised practice of handing over your credit card to an employee or freelancer is over.
“We eliminate the need for individuals to use their personal cards to pay for business expenses. Instead, we enable business leaders to empower their staff to make purchases on company issued digital cards.”
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By GlobalDataThe digital cards shared between the cardholders and designated recipients are temporary, where each card has a different number and expiry date. These cards come with a pre-defined spend limit and the transactions can be tracked.
Extend platform can be used by any bank having the MasterCard In Control for Commercial Payments (ICCP 2.0). It has been first deployed by Silicon Valley Bank.
The company further collaborated with MasterCard and Visa to expand the availability of its Extend app to other participating US issuers through various pilot programmes.
