NEW YORK - Sep 18, 2025 (UTC) - Extend, a leading spend and expense management platform, announced it has secured $20 million in additional capital, including new venture debt and an equity investment led by B Capital, with participation from March Capital, Point72 Ventures, FinTech Collective, and new investor Commerce Ventures. The company also appointed Francois Horikawa, former Head of Finance for PayPal’s Consumer business unit, as its first Chief Financial Officer.
The funding round will enable Extend to scale issuer partnerships and launch new expense management services that will accelerate the company’s path to profitability. Extend empowers businesses with time-saving expense workflows and cost-saving spend controls—without requiring companies to change their existing bank card programs. The platform is embedded in more than a dozen leading banks across the U.S. and Canada and is actively expanding with strategic integrations at top 10 banks and smaller issuers.
“This funding represents a pivotal moment for Extend as we accelerate our path to profitability and launch our paid SaaS offering,” said Andrew Jamison, CEO of Extend. “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.”
Horikawa brings deep fintech expertise from his eight years at PayPal, where he recently served as head of finance for its consumer business unit, which includes Venmo, peer-to-peer payments services, credit and debit cards, and small business lending units. His previous experience includes five years at American Express, where he served as VP and lead financial officer and board director for its Australia Limited business.
“Extend’s unique approach combines the familiarity of existing business credit cards with the power of modern software,” said Allen Duan, General Partner at B Capital. “Their expansion into expense management and disciplined approach to growth position them to become a category-defining platform in the space.”
“We’ve followed Extend’s journey for years and believe they’re at an inflection point,” said Dan Rosen, Founder and General Partner at Commerce Ventures. “With deep bank integrations, a strong team, and an exciting expansion into paid SaaS, Extend is positioned as a standout in the B2B payments ecosystem.”
Extend’s most recent funding round brings the company’s total amount raised since its founding in 2017 to approximately $74 million, following after a $40 million Series B in 2021 led by March Capital. The company reported a 35% year-over-year increase in the number of businesses using its virtual card platform in 2024, serving more than 10,000 businesses across the U.S. and Canada.
The company has taken several strategic steps this year, including launching an AI toolkit in May for finance automation solutions and entering into a referral agreement with Visa to deliver virtual card solutions for emerging middle-market companies. A May report by Juniper Research predicted the value of business-to-business virtual card payments will hit $14.6 trillion by 2029 — a figure representing 83% of the total global virtual card market.
About Extend
Extend is a modern spend and expense management platform that helps businesses gain control over spending—without changing their existing bank or credit card programs. Thousands of companies use Extend to create and manage virtual cards, streamline payment workflows, and get real-time visibility into team and vendor spend. Extend powers billions of dollars in transactions while partnering with the financial institutions businesses already trust.
Media Contact
Extend@AvenueZ.com
