AvidXchange, a Charlotte, NC-based provider of accounts payable (AP) and payment automation solutions for the middle market, raised $260m in equity funding.
Backers included TPG Sixth Street Partners and other investors, which brings total funding to more than $800m over the company’s 20-year history.
The company intends to use the funds to accelerate growth and invest in its solutions for both buyers and suppliers while reaching more customers in the middle market.
Founded in 2000 by Michael Praeger, CEO, AvidXchange is a leader in automating invoice and payment processes for mid-market businesses. The company processes $9.5 million payments annually across its network of more than 500,000 suppliers, serving 5,500 customers in North America. The funding follows a 2019 in which AvidXchange launched AvidPay and AvidInvoice for long-term healthcare and social services and in July, acquired BankTEL Systems and added nearly 2,000 bank customers to its financial services vertical. They also hired 175 people in 2019, bringing its total number of employees to more than 1,400 across seven offices, with plans announced for a headquarters expansion.