For Fintech to truly evolve, some have argued, the industry needs to mature quickly from a wild bunch of disruptors to a professional cabal of financiers who understand money and fetishize security as risk management.
In addition to the long-held bias against Fintech's perceived lower asset and credit quality, there have been too many recent examples of hacking, laundering and a general sense of overconfidence leading to incompetence. These days, it would behoove any digital money platform to recruit trusted names from the old-school world of finance to invest and/or participate in their growth. If you're pitching a model predicated on professionalism, security and basic trust, find a way to bring in some old dude known on The Street for possessing those qualities.
"Digital credit card sharing platform" Extend knows what we're talking about...
Extend, a mobile platform designed for business cardholders to instantly and securely share access to their credit card via digital credit cards – also known as virtual cards – with employees and freelancers, today announced that it has completed a $3 million seed financing round. Point72 Ventures led the round with investments from Plug and Play, Reciprocal Ventures, WorldQuant Ventures, and other individual investors.
Nice call, bros! Who wouldn't want to throw their money onto a sharing platform backed by Steve Cohen? His is a name synonymous with altruism and conservative money management. And hey, his SEC ban has been over for like weeks now.
Steve Cohen is officially investing in the temporary credit card business because we live in a world of miracles and wonderment.