Extend and Visa join forces to expand secure virtual card solutions

Visa has signed a referral agreement with Extend, a New York-based virtual card and spend management firm, as part of an effort to accelerate the adoption of digital payment solutions across the underserved emerging middle market.

The agreement aims to expand the reach of Extend’s virtual card platform, which allows businesses to issue and manage digital cards through the credit lines and banks they already use. Extend’s technology integrates directly with customers’ existing business credit cards, enabling them to create virtual cards for employee use, vendor payments, and subscription services, all while maintaining tight controls over spending.

The move comes amid a growing appetite for secure and flexible B2B payment tools. Virtual card spending is projected to grow from $3.1 trillion in 2023 to nearly $14 trillion globally by 2028, according to industry forecasts.

“Middle-market companies want greater control over payments but don’t want to switch banks or cards to get it,” said Andrew Jamison, CEO of Extend. “Our continued relationship with Visa supports our goal of delivering modern payment solutions that work with the tools businesses already trust.”

Under the referral agreement, Visa will connect more of its issuing banks with Extend’s services, allowing them to offer virtual card functionality to a wider range of small and mid-sized clients. Extend currently partners with a number of financial institutions and says over half of small and midsize businesses in the U.S. already use credit cards compatible with its platform.

“B2B payment experiences are evolving to match the convenience consumers have come to expect,” said Leigh Radtke, Vice President and Head of North America Product for Visa Commercial Solutions. “Extend brings that experience to companies that need it most—particularly those in the emerging middle market.”

Extend’s web and mobile apps allow businesses to generate virtual cards tied to their existing accounts. These cards can be used to pay vendors, track expenses, manage employee spending, and automate reconciliation processes. For companies still reliant on reimbursements or manual invoice handling, the platform offers a path toward greater efficiency and oversight.

The middle market—typically defined as companies with annual revenues between $10 million and $1 billion—has traditionally been caught between consumer-grade financial products and the bespoke offerings used by large enterprises. As digital transformation in finance accelerates, payments firms are increasingly targeting this segment with tools that offer control without complexity.

Founded in 2017, Extend is led by executives with backgrounds at American Express, Capital One, and other financial services giants. The firm processes billions in annual transactions through its platform and has positioned itself as a layer of enablement rather than a full-stack replacement, a strategy that appeals to businesses reluctant to overhaul their core financial relationships.

The financial terms of the referral agreement were not disclosed.

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