American virtual card startup Extend has raised $11m in Series A funding round led by Point72Ventures and FinTech Collective.

Reciprocal Ventures and City National Bank also participated in the funding round.

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Extend intends to use the money to embed new features into its app, introduce new APIs, increase bank partnerships. Furthermore it will hire new employees in marketing, engineering and operations.

Extend CEO Andrew Jamison said: “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.”

Extend was founded in 2017 by American Express and Capital One veterans. It offers virtual card payment options for the $864bn US gig economy.

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Point72 Ventures partner Tripp Shriner said: “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.”

Extend allows cardholders and also recipients to instantly send and receive virtual credit cards through a secure platform. The company has raised $14m till date.