Extend, a mobile platform designed for business cardholders to instantly and securely share access to their credit card via virtual cards, has announced that it has completed a US$3m seed financing round. Point72 Ventures led the round with investments from Plug and Play, Reciprocal Ventures, WorldQuant Ventures, and other individual investors. The firm announced that Silicon Valley Bank is their initial bank provider.
Extend’s mission 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 virtual cards. Each virtual credit card has a unique card number, a defined spend limit and expiration date, and all purchases can be easily tracked.