Transforming Business Finances: Extend's Remarkable Achievements
Transforming Business Finances: Extend's Remarkable Achievements
Key Innovations in Spend Management
Extend, a leading virtual card and spend management platform, has achieved significant milestones in recent times. The platform has seen impressive growth, empowering over 10,000 businesses by introducing new capabilities that streamline financial processes. As businesses increasingly seek efficiency and control, Extend has been at the forefront, responding to the rising demand for virtual card solutions.
Market Response and Business Impact
With the virtual card market projected to reach an astounding $13.8 trillion globally by 2028, Extend's advancements reflect its commitment to delivering real value to customers. Businesses have leveraged Extend’s platform for diverse payment needs, encompassing areas such as B2B transactions and travel and entertainment expenses. The versatility of Extend is evident, as it caters to more than 130,000 merchants across various sectors, including retail, professional services, and hospitality.
2024 Growth Statistics
As Extend continues to experience substantial growth, recent statistics reveal a 35% year-over-year increase in the number of businesses utilizing its virtual card platform. Notably, these businesses, which span all 50 states and Canada, reported a significant 50% boost in payment volume. On average, clients using Extend spent over $100,000 each month, showcasing a marked shift from traditional payment methods like checks and wires to more efficient virtual card solutions.
By adopting virtual card payment methods, businesses have been able to reduce their reliance on less secure payment options by 26-40%. This transition aligns with the broader trend of seeking more secure, efficient financial solutions.
Future Innovations on the Horizon
Looking ahead, Extend remains committed to enhancing its platform with new expense management capabilities. These innovations will aim to deliver greater insight, control, and process efficiencies for businesses. Andrew Jamison, Extend’s CEO and co-founder, states, "At Extend, we believe in empowering every business to maximize their assets, including credit lines and banking relationships." This commitment drives Extend to continuously innovate and enhance its ERP integrations to better serve its clients.
Expanding Expense Management Capabilities
Extend is broadening its capabilities in expense management, providing businesses with tools to track and manage a wider range of expenses effectively. Users now have the ability to incorporate physical card transactions, creating a comprehensive view of all business credit card expenditures. This feature enables faster, more accurate reporting for budget tracking and cash flow management, allowing businesses to make informed decisions and engage in strategic planning.
About Extend
Founded in 2017 by seasoned professionals from American Express and Capital One, Extend has emerged as a vital player in the spend management space. The platform transforms traditional business credit cards into a comprehensive spend management solution, allowing companies to harness the power of insights and controls. This has empowered thousands to manage billions in transactions while collaborating with trusted financial partners. For more information, visit paywithextend.com or connect with Extend on LinkedIn.
Frequently Asked Questions
What is Extend's primary function?
Extend primarily offers virtual card solutions and spend management services to help businesses manage their payments efficiently.
How does Extend benefit businesses?
Extend empowers businesses by streamlining payment processes, providing insightful controls, and enhancing financial visibility across various expenses.
What growth has Extend seen recently?
Extend reported a 35% increase in the number of businesses using its virtual card platform, demonstrating significant growth and expanded market influence.
How does Extend integrate with existing financial systems?
Extend continuously innovates to improve ERP integrations, allowing businesses to maximize their existing credit lines and banking relationships.
What industries does Extend serve?
Extend serves a diverse range of industries, including retail, e-commerce, marketing, healthcare, and professional services, showcasing its versatility in meeting various payment needs.
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