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Extend, which offers spend management software to banks, raised $20 million in debt and equity, CEO Andrew Jamison tells Axios exclusively.

Why it matters: Finance teams want automation layered into the banking relationships they already trust.

How it works: Extend works with banks to embed its software on top of their card programs. That enables end customers to keep their issuer while adding modern spend management controls.

The end customers can create virtual cards for vendors and employees and manage approvals, receipt capture and reconciliation all in one place.

Behind the scenes: Extend is shifting from an interchange-oriented revenue model from virtual card programs toward SaaS fees for its spend suite.

The company offers monthly and annual plans with per-user pricing, starting with a small free tier, Jamison says.

It shares software revenue with partners, such as banks, card networks, and processors, rather than building a direct sales force to reach customers directly.

"Naturally, we would work with the card networks, with the banks, with the processors, and have a revenue share deal so it doesn't actually cost them anything," Jamison says.

Zoom in: The equity raise was led by B Capital, with March Capital, Point72 Ventures, FinTech Collective and new investor Commerce Ventures also participating.

Jamison says the venture debt will be used for operations, not customer lending, since issuing banks extend credit. The company isn't disclosing the debt-versus-equity split.

The new financing is aimed at reaching break-even profitability.

State of play: The company also recently hired PayPal veteran Francois Horikawa as CFO.

Horikawa, who helped run PayPal's consumer business, indicates a focus on scaling as Extend broadens from payments into SaaS.

By the numbers: Revenue has grown about 50% year over year, with the company moving from thousands of customers toward the tens of thousands.

Jamison claims that virtual cards typically increase spend 25% to 40% on an existing account by unlocking more use cases.

What's next: Extend plans to fold card application and limit management into the same dashboard while expanding bank integrations to deepen distribution.

Exclusive: Extend raises $20M and adds PayPal vet as CFO

The fintech is shifting from interchange to SaaS fees as it scales.

Illustration of a hand cursor holding four credit cards.

Extend, which offers spend management software to banks, raised $20 million in debt and equity, CEO Andrew Jamison tells Axios exclusively.Why it matters: Finance teams want automation layered into the banking relationships they already trust.

Exclusive: Extend raises $20M and adds PayPal vet as CFO

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