NEW YORK--(BUSINESS WIRE)--Extend, a leading virtual card and spend management platform, looks back on a year of impressive growth and innovation. In 2024, Extend introduced new capabilities that empowered more than 10,000 businesses. This surge in activity highlights how Extend continues to deliver real value to businesses and validates the growing demand for greater control, efficiency and insights offered by virtual cards—a market that’s expected to reach $13.8 Trillion Globally by 2028.

Businesses leverage Extend’s platform for a variety of payment needs, from B2B payments to travel and entertainment (T&E) expenses. Payments span more than 130,000 merchants, including business services, wholesale, utilities, transportation, telecom, retail, professional services, entertainment, financial services, and lodging. Extend also supports customers across a wide range of industries, such as retail, marketing, health and wellness, e-commerce, entertainment, technology, professional services, construction, manufacturing, and more, further emphasizing the platform’s versatility and value.

2024 by the Numbers

Extend continued to demonstrate strong growth. The company experienced a 35% year-over-year increase in the number of businesses using its virtual card platform, with over 10,000 businesses across all 50 states and Canada, and a 50% increase in payment volume.

On average, Extend businesses spent more than $100,000 per month and were able to move an incremental 26-40% of spend away from checks and wires in favor of more secure and efficient virtual card payment methods.

Looking ahead, Extend aims to increase the ways and means by which it empowers businesses by adding new expense management capabilities that will drive further insights, controls and process efficiencies.

"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 Andrew Jamison, Extend’s CEO and co-founder. "With constant innovations and better ERP integrations, we’re helping our clients manage spend while maximizing rewards with security and ease."

Extend is increasingly broadening their expense management capabilities, empowering businesses to track, manage and garner insights across a broader array of expenses. Users can now integrate physical card transactions for a complete centralized view of business credit card spending. With the ability to generate faster, more accurate reports to track budgets and cash flow, businesses can be better informed, and have more time, for more strategic planning and decision making. With a strong foundation built through ongoing product evolution and customer commitment, Extend looks forward to 2025 with optimism, ready to serve an exciting list of new bank partners with next-generation virtual cards and spend management tools.

About Extend

Extend turns your business credit card into a spend management platform, so you can achieve more with what’s yours. Thousands of companies use Extend’s insights and controls to empower their teams, streamline payment processes, and manage billions of dollars in transactions – all while keeping the financial partners they know and trust. Extend was founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies. For more information, visit paywithextend.com or follow Extend on LinkedIn.