FinTech News
Expense Management Platform Extend Raises $20 Million
The FinTech Extend has announced a new round of funding as well as a new Chief Financial Officer.
About Extend’s Latest Round:
This week, Extend revealed that it had secured $20 million in fresh capital. While this round includes both equity and venture debt components, it’s unclear how much of the capital falls into either bucket. The new round was led by B Capital while March Capital, Point72 Ventures, FinTech Collective, and newcomer Commerce Ventures also participated. To date, Extend has now raised a total of $74 million, including a $40 million Series B nearly four years ago. That round was led by March.
Along with the funding news, Extend announced a new member of its leadership team. Francois Horikawa has been tapped as the firm’s CFO. Horikawa previously served as Head of Finance for PayPal’s Consumer business unit. In that role, he oversaw Venmo, peer-to-peer payments, and small business lending.
More on Extend:
Extend is a spend management platform that allows businesses to use its tools without requiring to change their existing bank. The platform offers a variety of features, including virtual payment cards, automated reconciliation, and other pay controls. Additionally, Extend integrates with third-party accounting software solutions.
Currently, Extend offers a free service tier that supports up to five users. A Pro option is also available for $119.90 per month (includes the first 10 users) or $1,078.80 per year paid upfront.
What They’re Saying:
Commenting on the firm’s new capital, Extend CEO Andrew Jamison stated, “This funding represents a pivotal moment for Extend as we accelerate our path to profitability and launch our paid SaaS offering. With strong backing from B Capital and our investor group, we’re building a comprehensive spend and expense management platform while maintaining our focus on capital efficiency and deepening our relationships across the banking ecosystem.”
On the other end of the transaction, B Capital General Partner Allen Duan said, “Extend’s unique approach combines the familiarity of existing business credit cards with the power of modern software. Their expansion into expense management and disciplined approach to growth position them to become a category-defining platform in the space.”
My Thoughts:
I may not have known the name Francois Horikawa before reading this news. However, looking at his resume, he certainly seems like a good person to have on your team. Between that addition and this new $20 million round, it seems as though Extend is well set up for success.
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