AP Automation Vendor AvidXchange Closes $225 Million Minority Growth Financing
AvidXchange, a financial technology provider of accounts payable and payment automation, announced that it has completed a $225 million minority growth financing led by Bain Capital Ventures.
Based in Charlotte, North Carolina, AvidXchange employees 326 people and last year reported revenue of $27.9 million. The company offers integrations with Dynamics AX, GP, NAV, and SL, along with many other accounting and ERP packages.
AvidXchange plans to invest a significant amount of the funding to hire staff to support its rapid client growth, make certain acquisitions, and develop new products to better serve its customers, according to company officials.