As the title of my blog post says… we have so much to be excited about! The acquisition of Aon's US-based warranty division combines Extend's leading-edge technology with the deep experience and extensive infrastructure of Aon's administrative capabilities. We are so happy to have Pedro Rodriguez, previously SVP at Aon Warranty Solutions, and his team joins all of us under the Extend banner. Pedro and his team bring over 35 years of combined service contract industry expertise, along with a deep rolodex of insurance underwriters and enterprise merchants. Extend's innovative technology, outstanding team, and significant financial backing make us uniquely positioned to provide extended warranty and protection plan solutions for merchants of any size.
The fundraising alone is not a marker of success; however, the $16.4M in funding is a significant validation of the market opportunity and puts Extend in a strong position to build a meaningful company built for the long haul.
Fin-tech leaders Stripe and Affirm have led the way with API-first solutions for online payments and point-of-sale financing. Now, an API-first solution for extended warranties and protection plans makes sense, and with today's news Extend is perfectly positioned to lead that market.
Currently, Extend is working with merchants that sell over $11.5B in products each year, and we are signing up multiple new merchants each and every week. Merchants are showing us that they are yearning for a modern and easy-to-integrate protection plan solution that drives incremental net income with every sale. Most importantly, consumers are speaking with their wallets, as evidenced by protection plan attach rates above 10% per merchant integration.
We are excited to continue this journey and to delight customers with a digital native protection plan offering that treats them right. Want to learn more or join our team? Please get in touch!
To read our full release, click here.