Extend Wraps Up 2023 Poised For Growth; Lays Framework for Connected Payments

January 31, 2024 at 13:44 PM EST

New era for embedded finance as Extend enables banks and SaaS providers to offer the ease and control of virtual card solutions to their business customers

Extend, a leading virtual card and spend management platform, closed out a strong 2023 with a number of key developments that expanded the company’s reach and capabilities. With the addition of strategic partnerships and innovations, Extend is well-positioned to capitalize on the $3T virtual card market, which is expected to grow 355% to $14T by 2028, according to Juniper Research.

“Payment capabilities should make your life easier, not harder. That’s why our purpose is to give every business the tools to achieve more with what’s already theirs - namely, their credit lines, their bank relationships, and their business software,” said Andrew Jamison, CEO & co-founder of Extend. “I’m immensely proud of the milestones we achieved as a company in 2023 in pursuit of that goal, and our team is eager to continue building on this momentum in 2024.”

2023 by the Numbers

Billions in annualized charge volume
Several million transactions every quarter
Tens of thousands of virtual cards created every week by thousands of business customers

2023 in Partnerships & Integrations

As a payments partner to financial institutions and software providers, Extend speeds innovation for a growing number of companies. Developments in 2023 included:

SAP Concur: Extend’s partnership with SAP Concur and its integration with Concur Invoice marked the launch of Extend’s connected payments pillar, which enables customers to reap the benefits of virtual card creation, distribution, and controls from within the software they already use.
BMO: After launching a partnership with BMO at the start of 2023, Extend expanded the value it delivers to BMO’s clients by rolling out mobile wallets for virtual cards with Mastercard and BMO. This was a first for these two major players in the card industry.
Other: More partnership announcements took place in 2023; read about them here.

2023 in Products

Extend deployed numerous features and user interface enhancements, including:

Solidifying our card distribution & spend management foundation:
- As Extend evolved from a peer-to-peer to a business-first platform, the team boosted user enrollment in “orgs,” to support the company’s growing middle market segment.
Continued growth into SMBs with added features for midmarket companies:
- Extend’s revamped people page provides details about active accounts, budgets, and virtual cards for each employee, which helps finance leaders optimize spending, mitigate risk, and ensure efficient resource allocation.
- With the launch of team budgets, customers now have more flexibility and control to share the management of virtual cards with team leads or delegates.
Leveraging AI for faster reconciliation:
- The company launched AI-powered automatic receipt matching to enable users to email or upload receipt images into the Extend app, where those images are then automatically matched to their corresponding transactions.

About Extend

Extend turns your business credit card into a spend management platform so you can achieve more with what’s yours. Thousands of companies use Extend’s virtual cards, insights, and controls to empower their teams, streamline payment processes, and manage billions of dollars in transactions – all while keeping the financial partners they know and trust. Extend was founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies. For more information, visit paywithextend.com or follow Extend on LinkedIn.