AvidXchange, a US-based payment technology provider backed by payment services firm Mastercard, has raised $130m from two undisclosed investors, according to a regulatory filing.
Founded in 2000, AvidXchange provides software that integrates with the existing systems of a business to help them automate financial functions such as making payments and processing invoices and accounts payable.
The company claims to have processed 9.5 million payments on behalf of some 5,500 customers in 2019 and has already achieved a valuation of more than $1bn.
The round boosted AvidXchange’s overall funding to approximately $865m, including $150m in October 2019 and $2.5m in late 2017 according to other securities filings.
AvidXchange secured $300m in a mid-2017 round featuring $100m from pension fund manager Caisse de Dépôt et Placement du Québec in addition to cash from Mastercard, Temasek and Peter Thiel.
Banking firm Fifth Third Bancorp had led an $18m round for the company the previous year that included Pivot Investment Partners, following $225m from financial services firms KeyBank and Square 1 Bank, Bain Capital Ventures, NYCA Partners, Foundry Group and TPG Special Situations Partners.
Earlier investors in AvidXchange include business-to-business e-commerce platform Clarus Corporation, CT Communications Northeast Trust, Charlotte Angel Partners and Piedmont Angel Network.
