AvidXchange, a US-based payment technology provider backed by payment services firm Mastercard, has secured $260m in a funding round featuring TPG Sixth Street Partners.
A range of undisclosed investors also contributed to the round. The news comes just a few days after a regulatory filing revealed the company had obtained $130m from two unnamed backers.
Founded in 2000, AvidXchange has developed invoice automation and payment processing software that integrates with a business’s existing infrastructure. The platform processed 9.5 million payments for 5,500 customers last year.
The cash injection will go towards continued growth and innovation. The company previously revealed plans to expand its headquarters and recruit an additional 1,200 staff, adding to a current 1,400 employees.
AvidXchange has raised approximately $995m to date. Mastercard participated in a $300m round in 2017 together with pension fund Caisse de dépôt et placement du Québec, Singaporean state-owned investment firm Temasek and Peter Thiel.
Financial services firm Fifth Third Bancorp led an $18m round in 2016, with participation from Pivot Investment Partners.
Financial services providers KeyBank and Square 1 Bank participated in a $225m round in 2015 alongside TPG Sixth Street (then known as TPG Special Situation Partners), Bain Capital Ventures, NYCA Partners and Foundry Group.
Business-to-business e-commerce platform Clarus Corporation, CT Communications Northeast Trust, Charlotte Angel Partners and Piedmont Angel Network are also among AvidXchange’s earlier investors.
