Financial services firm City National Bank has participated in an $11m series A round for US-based virtual credit card distribution platform Extend.
Venture capital firm Point72 Ventures and VC fund FinTech Collective co-led the round, which included financial technology-focused VC fund Reciprocal Ventures.
Founded in 2017, Extend operates a mobile app that enables businesses to send temporary credit cards to employees, freelancers and vendors. It also provides a suite of application program interfaces (APIs) that allow startups to adopt virtual credit cards to help enhance financial products.
The company will use the funding to add new features to the mobile app, form new strategic partnerships and expand its engineering, marketing and operations teams. It had previously received $3.3m from undisclosed investors in November 2017 according to a regulatory filing.
Vince Hruska, head of enterprise cards for City National Bank, said: “Customers across industries want easy-to-use solutions to their payment challenges, such as instantly providing access to a credit card without losing spend control or adding onerous processes.
“In Extend, we found both the mobile-based technology our clients need combined with a team of industry experts that we wanted to work with.”