Billionaire barrier funder Steve Cohen wants to accomplish activity easier for cash-strapped freelancers.
Point72 Ventures, the adventure basic arm of Cohen’s Point72 Asset Management, led a $3 actor costs annular for Extend, a adaptable app that lets businesses allotment acting admission to their accumulated acclaim cards with freelancers.
The abstraction is to abstain “the challenges of reimbursement” and “awkward situations” area freelancers and added contractors accept to advanced costs, Matthew Granade of Point72 told The Post.
“It’s the agnate of accomplishing a acquirement order,” he added.
The app works by application a accumulated Mastercard or Visa to accomplish a basic acclaim agenda that carries a altered number, cessation date and CVV code. The numbers can be set to expire afterwards a assertive time or afterwards a assertive spending absolute is reached.
For online purchases, a contributor can artlessly access in the acting numbers. For in-store purchases, Extend creates a barcode that can be acclimated like ApplePay. Merchants additionally can key in the abstracts from the basic agenda displayed on the freelancer’s phone.
Extend hopes to “minimize abusage and the diffuse agreement process” while absolution companies acquire the agenda adherence points, Extend arch controlling Andrew Jamison told The Post.
So far “there’s no accessible way to administer money to individuals to get a assembly together,” Jamison added.
Point72 Ventures’ advance in Extend comes on the heels of two added plays in the fintech space. Earlier this ages it invested in Say, a belvedere that aims to accord a greater articulation to shareholders, and Imperative Execution, a dark-pool trading platform.
The 2-year-old adventure basic close invests money from Cohen’s claimed affluence as able-bodied as that of Point72 employees.
Cohen’s Point72 Asset Management afresh began managing alfresco money afterward a two-year ban by the Securities and Exchange Commission, which accused Cohen in 2016 of declining to administer traders bedevilled of cabal trading at his antecedent close SAC Capital.
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