(Image source: Extend homepage.)
Extend (San Francisco), an API-based solution designed to allow any merchant to offer product protection plans on the products they sell online and in store at the point of sale, has announced that Rob Pfeifer has joined the company as Chief Revenue Officer. Pfeifer comes to Extend after spending nearly seven years at Affirm (San Francisco), a $3 billion company founded by PayPal’s co-founder Max Levchin to modernize point-of-sale consumer financing. During his tenure at Affirm, the company grew from seven to 700 employees and Pfeifer, a top lieutenant of Levchin’s, held multiple executive leadership positions including Chief Risk Officer, Chief Revenue Officer and Chief Financial Officer. Pfeifer will be based in San Francisco and report directly to Extend’s CEO, Woodrow Levin.
Pfeifer’s appointment comes after a Nov. 2019 announcement that Extend had secured $16.4 million in funding and acquired assets related to administration of warranty programs in the United States from Affinity Insurance Services, Inc. (Hatboro, Pa.), an affiliate of Aon plc (London).
Winning Marquee Clients
At Affirm, Pfeifer was instrumental in winning marquee clients, such as Walmart, Dyson, Casper and Peloton, and will apply his deep understanding of the eCommerce ecosystem as he joins Extend’s executive team, according to an statement from the company. In his new role, he will be responsible for the company’s revenue operations, including sales and business development efforts as well as Extend’s customer success function. He also will work with the product and engineering team, applying his experience in building and deploying analytics engines, to optimize the merchant experience from onboarding and integration through enhancing products to ensure effectiveness across the platform.
“Extend is very similar to Affirm in that they both provide honest and transparent financial solutions to consumers that improve on the way things have been done in the past,” comments Woodrow Levin, Founder and CEO, Extend. “Having Rob, who has run this playbook before and was instrumental in Affirm’s rapid success and growth into a household name and leader in the consumer point of sale lending space, is a big win for Extend and a testament to the opportunity we all see in modernizing the antiquated extended warranty model. I am super energized to welcome Rob to the team, and know that he will be able to make an immediate meaningful impact in growing our merchant partner ecosystem.”
Extend describes its offering as easy for any merchant to integrate, working with a network of top-rated insurance companies to help merchants offer extended warranties and protection plans to consumers, ultimately helping brands and retailers drive incremental bottom line net income, increase overall purchase conversions, and create loyal customers with a digitally native customer experience. This combination of innovation has resulted in Extend delivering protection plan attach rates that are double the current industry average. Merchants that are currently using and signed up to utilize Extend as their exclusive extended warranty provider collectively have annual gross sales of over $12 billion. Extend reports that, since October, the company has seen 19x warranty sales growth, and tripled the number of merchants it has live on its platform.
Driving Value for Consumers and Merchants
“Extend is targeting a segment of the industry that has historically never had a customer friendly product and we have an opportunity to drive value for both consumers and merchants,” comments Pfeifer. “I could not be more excited to take this next step in my career, using what I learned while helping to grow Affirm to drive revenue and customer happiness at Extend.”