AvidXchange has raised $1.18 billion across multiple funding rounds, including several Series F transactions in 2020 that supported the expansion of its accounts payable automation platform. Headquartered in Charlotte, North Carolina, United States, AvidXchange helps mid market and enterprise customers automate invoice capture, approval workflows, electronic payments, and supplier management.
The platform integrates with leading ERP systems and enables large scale AP automation across industries with high invoice volumes.
Keep reading to learn how AvidXchange became a leading provider in B2B payments and AP automation software.
What Is AvidXchange and What Does It Do?
Founded in 2000 by Michael Praeger and Chris Tinsley, AvidXchange is an AP automation and payments software provider serving mid market and enterprise businesses. The platform offers invoice digitization, automated approval routing, payment orchestration, supplier portals, and AP analytics.
AvidXchange employs approximately 1,714 people and serves industries including real estate, construction, hospitality, financial services, and utilities.
How Much Funding Has AvidXchange Raised?
1. Series F Round (September 3, 2020)
- Amount Raised: $66 million
- Date: September 3, 2020
- Lead Investors: Sapphire Ventures
- Purpose: Product expansion and scaling initiatives
2. Series F Round (July 30, 2020)
- Amount Raised: $119 million
- Date: July 30, 2020
- Lead Investors: Institutional participants
- Purpose: Fund growth initiatives and support operational scale
3. Series F Round (May 21, 2020)
- Amount Raised: $8.01 million
- Date: May 21, 2020
- Lead Investors: Follow on investors
- Purpose: Strengthen operations and product development capacity
Total Funding Raised: $1.18 billion
Latest Funding Date: 2020
Latest Known Valuation: $4.9 billion
Key Investors
- Neuberger Berman
- Details: Global investment manager with private equity and growth equity strategies
- Focus Areas: Fintech, enterprise SaaS, financial services
- Lone Pine Capital
- Details: Hedge fund investing in private and public growth companies
- Focus Areas: Consumer technology, enterprise software, financial services
- Bain Capital Ventures
- Details: Growth focused venture firm supporting enterprise and fintech companies
- Focus Areas: SaaS, payments, fintech and automation
- Sixth Street
- Details: Global investment firm focused on growth capital and credit strategies
- Focus Areas: Fintech, payments infrastructure, financial services
- Mastercard
- Details: Strategic investor and global payments network
- Focus Areas: B2B payments innovation and payments infrastructure
Where Is AvidXchange’s Headquarters?
AvidXchange is headquartered in Charlotte, North Carolina, United States, supporting large enterprises and industries with high AP and payments volumes.
What’s Next for AvidXchange?
AvidXchange plans to expand faster payment rails, deepen bank partnerships, strengthen vertical specific products, and apply AI to reduce manual exceptions and enhance AP intelligence. The company also intends to broaden its global product footprint.
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