TechDogs-"Extend Wraps Up 2023 Poised For Growth; Lays Framework for Connected Payments"

Financial Technology

Extend Wraps Up 2023 Poised For Growth; Lays Framework for Connected Payments

By Business Wire

Business Wire
Overall Rating

New era for embedded finance as Extend enables banks and SaaS providers to offer the ease and control of virtual card solutions to their business customers

NEW YORK--(BUSINESS WIRE)--Extend, a leading virtual card and spend management platform, closed out a strong 2023 with a number of key developments that expanded the company’s reach and capabilities. With the addition of strategic partnerships and innovations, Extend is well-positioned to capitalize on the $3T virtual card market, which is expected to grow 355% to $14T by 2028, according to Juniper Research.

“Payment capabilities should make your life easier, not harder. That’s why our purpose is to give every business the tools to achieve more with what’s already theirs - namely, their credit lines, their bank relationships, and their business software,” said Andrew Jamison, CEO & co-founder of Extend. “I’m immensely proud of the milestones we achieved as a company in 2023 in pursuit of that goal, and our team is eager to continue building on this momentum in 2024.”

2023 by the Numbers

  • Billions in annualized charge volume
  • Several million transactions every quarter
  • Tens of thousands of virtual cards created every week by thousands of business customers

2023 in Partnerships & Integrations

As a payments partner to financial institutions and software providers, Extend speeds innovation for a growing number of companies. Developments in 2023 included:

2023 in Products

Extend deployed numerous features and user interface enhancements, including:

  • Solidifying our card distribution & spend management foundation:
    • As Extend evolved from a peer-to-peer to a business-first platform, the team boosted user enrollment in “orgs,” to support the company’s growing middle market segment.
  • Continued growth into SMBs with added features for midmarket companies:
    • Extend’s revamped people page provides details about active accounts, budgets, and virtual cards for each employee, which helps finance leaders optimize spending, mitigate risk, and ensure efficient resource allocation.
    • With the launch of team budgets, customers now have more flexibility and control to share the management of virtual cards with team leads or delegates.
  • Leveraging AI for faster reconciliation:

About Extend

Extend turns your business credit card into a spend management platform so you can achieve more with what’s yours. Thousands of companies use Extend’s virtual cards, insights, and controls to empower their teams, streamline payment processes, and manage billions of dollars in transactions – all while keeping the financial partners they know and trust. Extend was founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies. For more information, visit paywithextend.com or follow Extend on LinkedIn.

Contacts

Media Enquiries:
Bristol Jones
Extend
Bristol@BevelPR.com

First published on Thu, Feb 1, 2024

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Mobile WalletsExtend Spend Management Platform Streamline Payment Processes Mobile Wallets For Virtual Cards

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