Cards Platform Extend Marks Milestone with Innovations in Spend Management
Extend, a leading platform in virtual cards and spend management, reflects on a year of significant growth and innovation. In 2024, the company rolled out new features that empowered over 10,000 businesses, underscoring the increasing demand for enhanced control, efficiency, and insights provided by virtual cards. This surge in activity highlights Extend’s continued ability to deliver real value to businesses and positions it in a market projected to reach $13.8 trillion globally by 2028.
Extend, a leading virtual card and spend management platform, continues to demonstrate its value across a wide range of industries and payment needs. From B2B payments to travel and entertainment (T&E) expenses, Extend empowers businesses to efficiently manage their payment processes. The platform supports transactions across more than 130,000 merchants, spanning various sectors, including business services, wholesale, utilities, transportation, telecom, retail, professional services, entertainment, financial services, and lodging. Extend’s versatility is further evidenced by its ability to cater to a diverse clientele, with businesses from industries such as retail, marketing, health and wellness, e-commerce, technology, professional services, construction, and manufacturing utilizing its services. This broad reach highlights Extend’s growing value and importance in the modern business landscape.
2024: A Year of Strong Growth and Innovation
2024 was a year of impressive growth for Extend. The company saw a 35% year-over-year increase in the number of businesses adopting its virtual card platform, surpassing 10,000 businesses across all 50 states and Canada. This growth was accompanied by a 50% increase in payment volume, reflecting the platform’s expanding reach and the increasing demand for secure, efficient payment methods. Businesses using Extend’s platform spent, on average, more than $100,000 per month, with many moving between 26-40% of their payment spend away from traditional checks and wires in favor of virtual card payments. This shift highlights the growing preference for virtual cards as a more secure and efficient alternative.
Extend’s growth is a testament to its ability to meet the evolving needs of businesses. The platform provides greater control over spend, reduces the time spent on payment processes, and offers valuable insights into business expenses. As more businesses recognize the benefits of virtual cards, Extend’s user base continues to grow, positioning the platform as a leader in the spend management space.
Empowering Businesses for the Future
Looking ahead, Extend plans to expand its capabilities even further by adding new features that will help businesses manage their expenses more effectively. The company is focused on providing deeper insights, greater controls, and more efficient processes that will enable businesses to better track their spending and improve cash flow management.
Andrew Jamison, CEO and co-founder of Extend, emphasized the company’s commitment to empowering businesses through continuous innovation. “At Extend, we believe in empowering every business with the ability to do more with what they already have—whether that’s credit lines, banking relationships, or software investments,” said Jamison. “With constant innovations and better ERP integrations, we’re helping our clients manage spend while maximizing rewards with security and ease.”
Extend is working to expand its expense management capabilities, enabling businesses to manage not just virtual card transactions but also physical card payments. This new feature allows businesses to centralize their credit card spending, providing them with a comprehensive view of all their expenses. The ability to generate faster, more accurate reports helps businesses track budgets, manage cash flow, and make more informed decisions. By offering these enhanced reporting tools, Extend is giving businesses more time to focus on strategic planning and growth.
About Extend
Founded in 2017 by industry veterans from American Express Cards, Capital One, and other Fortune 500 companies, Extend has become a leader in virtual card and spend management solutions. The platform turns business credit cards into powerful tools for managing expenses, providing businesses with insights and controls to optimize payment processes. With thousands of companies already using Extend to manage billions of dollars in transactions, the platform has proven itself as an invaluable resource for businesses looking to streamline operations and gain greater control over their finances. Extend’s mission is to help businesses do more with what they already have—empowering teams, simplifying payment processes, and ensuring financial security across the board.
