Steve Cohen's fund just co-led an $11 million round in a fintech that's taking on Brex disrupting corporate cards


A fintech hoping to help companies better manage their corporate spending just nabbed its second round of funding in less than a year.

Extend announced $11 million in Series A funding on Wednesday. The round was co-led by Steve Cohen’s Point72 Ventures and Fintech Collective. Cohen’s fund also led Extend’s $3 million seed round last April, which included WorldQuant Ventures and Plug and Play. Reciprocal Ventures and City National Bank participated in the most recent round.

The New York-based fintech works with banks and credit networks to offer their customers’ temporary corporate credit cards via a mobile application.

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.

Read more: Steve Cohen is backing a former Amex exec solving a financial pain point facing 35% of the American workforce

Since its seed round last year, Extend CEO Andrew Jamison told Business Insider the startup has integrated onto two main credit networks — Visa and Mastercard — and partnered with five banks.