Mastercard has selected spend and expense platform Extend as a financial operations platform partner to allow its issuing banks in the U.S. and Canada to offer its spend and expense management technology with the commercial card programs, the companies announced.
With the commercial agreement, banks will be able to offer virtual card issuance, automated month-end reconciliation, AI agents and team and vendor spending analytics. Extend said such offerings are critical for the banks to remain competitive as emerging fintech suppliers target the small and midsized business market.
"Mastercard is steadfast in its commitment to small and mid-sized businesses and its decision to bring Extend to issuers is an exciting moment for our company—and for the industry," Extend CEO and co-founder Andrew Jamison said in a statement. "No business should have to choose between a trusted bank and better operational solutions."
An Extend spokesperson said Mastercard's selection of Extend was finalized on Monday.