Extend raises USD 3 mln in seed round investment

Point72 Ventures led the round with investments from Plug and Play, Reciprocal Ventures, WorldQuant Ventures, and other individual investors, with Silicon Valley Bank being the initial bank provider.

Extend’s aim is to create a universal digital card sharing platform, in partnership with credit card issuers and networks, that enables both cardholders and designated recipients to send and receive temporary digital credit cards. With Extend, cardholders can give secure access to a company funded digital credit card to any employee or freelancer. Each digital credit card has a unique card number, a defined spend limit and expiration date, and all purchases can be easily tracked.

The deployment of Extend takes little to no effort for either banks, corporate customers, or end users. Any bank already integrated with Mastercard in Control for Commercial Payments (ICCP 2.0) can deploy Extend. Beyond its initial launch with Silicon Valley Bank, Extend is working with Mastercard and Visa to enable the Extend platform for participating US issuers through a series of pilot programs. Cardholders and digital card recipients simply need to download the Extend app from the Apple or Google app stores to access the platform.