BMO Commercial Bank and Extend Launch Corporate Spend Management App

On August 29, 2023, BMO Commercial Bank and fintech Extend launched a co-branded corporate spend management application. The product leverages virtual Mastercard cards that can be provisioned directly into mobile wallets, giving corporate clients real-time control over employee spending. The partnership builds on a prior integration between BMO and Extend for payment solutions.

The app is aimed at BMO's commercial banking customers who need streamlined expense management and enhanced visibility into corporate card usage. By embedding Extend's virtual card technology into BMO's commercial banking offering, the bank can provide modern spend management tools without developing the technology in-house. No specific financial terms of the arrangement were disclosed.

The launch reflects the broader trend of traditional banks partnering with fintechs to embed payments and card management capabilities into their commercial product suites. The product is expected to help BMO compete with standalone corporate card and expense management platforms.