Payment Automation Company AvidXchange Secures $128 Million
Summary
• Payment automation solutions company AvidXchange announced it has raised an additional $128 million in equity capital AvidXchange, a leading provider of accounts payable (AP) and payment automation solutions for the middle market, announced it has raised an additional $128 million in equity capital. AvidXchange plans to use the new capital to support strategic growth initiatives and continued innovation, helping both buyers and suppliers automate their AP and payment processes. Launched in 2000, AvidXchange processes over $140 billion transactions annually across its network of over 600,000 suppliers, transforming the way 6,000 customers in North America pay their bills. “With only 40 percent of U.S. businesses automating their accounts payable processes, we continue to solve a real problem for companies that still rely on paper invoices and checks, fundamentally changing the way they pay their bills. This has become even more evident as we see businesses implementing continuity plans and shifting to work from home models, making automation essential to support mission-critical processes and keep operations running.” -Michael Praeger, Co-Founder and Chief Executive Officer at AvidXchange “We recognized the impact that AvidXchange could have on the B2B payments market prior to our initial investment in 2016 and are doubling down on our partnership as the adoption of automation technology continues to accelerate.” -Dinkar Jetley, Co-Founder and Partner, Pivot Investment Partners “AP automation is one of the most exciting spaces within B2B payments given the potential cost savings and increased efficiency for buyers and suppliers.
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