AvidXchange, a Charlotte, N.C.-based fintech provider of accounts payable and payment automation for midsize companies, received $300m in financing.
Contributions came from Caisse de dépôt et placement du Québec (CDPQ), Mastercard, Temasek, and Peter Thiel.
The company, which also announced a strategic partnership with Mastercard to deliver accounts payable and payment automation to small and midsize businesses, will use the proceeds to continue to expand operations.
Led by Michael Praeger, CEO and Co-Founder, AvidXchange provides solutions to automate invoice and payment processes serving more than 5,500 midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction throughout North America.
Mastercard and AvidXchange signes this partnership to leverage AvidXchange’s expertise in AP and payment automation and Mastercard’s commercial payment solutions to further penetrate the middle market. The Mastercard B2B Hub with AvidXchange will be delivered through card issuers as an end-to-end automated solution that meets all the payment needs of small and midsized companies. AvidXchange will serve as the execution partner for Mastercard’s launch of The Mastercard B2B Hub in the United States.
Beginning later this year, The Mastercard B2B Hub will be made available to companies through their bank or commercial card issuer. AvidXchange will offer banks who choose not to utilize their own card payment capabilities with The Mastercard B2B Hub program options through its existing relationships with Comdata and KeyBank.