Virtual card and spend management platform Extend has added a team budgets feature to provide finance leaders with controlled delegation of spending management in their companies.
The feature lets finance leaders add other team members to co-manage budgets or give them temporary authority to approve virtual card requests if the finance leader is going to be away, according to Extend. Team members also can request budgets, from which they can create virtual cards for the pre-approved spending limit across the various vendors and clients under that budget.
The capabilities are designed to solve a “common dilemma” for finance managers, according to Extend cofounder and chief innovation officer Danny Morrow.
“If they don’t delegate, the burden on them is enormous, and they become a bottleneck,” Morrow said in a statement. “But if they do delegate, they lose control and increase financial risk.”
The Extend platform “extends” the capabilities of existing cards with additional features stemming from partnerships with Extend’s banking partnerships, which include American Express, City National, HSBC, Pacific Western and Regions. The company reports than more than 6,000 businesses are paying with its platform.
