AvidXchange, a Charlotte, N.C.-based provider of accounts payable (AP) and payment automation solutions for the middle market, raised an additional $128m in equity funding.
This latest financing brought the total raised to more than $388m including $260m in equity financing announced earlier this year.
Contributing investors included Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients. The company intends to use the funds to conduct strategic growth initiatives and continued innovation.
Led by Michael Praeger, Co-Founder and Chief Executive Officer, AvidXchange provides solutions to manage the full invoice to payment process so businesses can receive invoices and pay bills at any time, from any location. The solution also offers multiple e-payment options through the AvidPay Network of more than 600,000 suppliers, the largest payments network for the middle market. Founded in 2000,the company processes over $140 billion transactions annually across its network of more than 600,000 suppliers, enabling 6,000 customers in North America to pay their bills.
AvidXchange has 1,500 employees supporting customers from seven offices.