AvidXchange, a Charlotte, N.C.-based accounts payable and payment automation platform provider, raised an additional round of funding.
The round was led by Fifth Third Capital, a subsidiary of Fifth Third Bancorp, with participation from Pivot Investment Partners. Fifth Third’s investment is part of a broader strategy to allow commercial bank customers to utilize the AvidXchange platform to automate their invoice and payment processes.
The company will use the funds to invest in the development of new, innovative technologies, to develop new sales channels, and to hire staff to support its customer base.
Led by Michael Praeger, CEO and Co-Founder, AvidXchange provides an automating invoice and payment processes platform for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction. The company currently serves more than 6,000 clients throughout North America.