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.
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.