Extend CEO Andrew Jamison said Apple's decision to digitally distribute its own credit card is validation of his company's strategy.
Extend, a fintech that digitally distributes corporate credit cards, nabbed $11 million in Series A funding co-led by Steve Cohen's Point72 and Fintech Collective.
A fintech hoping to help companies better manage their corporate spending just nabbed its second round of funding in less than a year. In doing so, firms get better oversight of corporate spending and avoid requiring employees to constantly file reimbursement forms, a particularly painful process for freelance employees. Meanwhile, banks and credit networks are able to offer advanced capabilities for their cards without having to make heavy investments in technology.
"If you think about it from the issuers' perspective, there is 25% of the market they've not tapped because they haven't been able to come up with a solution that allows them to give controlled access to credit cards to their broader workforce," Jamison said.
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