AvidXchange raises $260 million, plans major expansion
AvidXchange, which provides accounts payable and payment automation solutions for the middle market, has raised $260 million in equity capital as part of the company's latest financing round. With contributions from TPG Sixth Street Partners and other investors, this brings its total funding to more than $800 million since the company’s founding in 2000. The company states the new funding will be directed toward investing in its solutions for both buyers and suppliers while reaching more customers in the middle market.
In October 2019, the business launched AvidPay and AvidInvoice for long-term health care and social services. Previously, in July, the acquisition of BankTEL Systems added nearly 2,000 bank customers to its financial services vertical. The company also hired 175 new employees in 2019, bringing its total number of employees to more than 1,400 across seven offices, with plans announced for a headquarters expansion that will reportedly double its footprint and accommodate an additional 1,200 staff.