US-based accounts payable software provider AvidXchange added $128m yesterday to a funding round featuring payment services firm Mastercard that now stands at $388m.
Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Sixth Street Partners and clients of Neuberger Berman also took part in the round, the first close of which came in January this year.
AvidXchange’s software automates payments and the processing of invoices on behalf of mid-market businesses. The product can be integrated into more than 150 existing accounting software systems and the company maintains a payment network called AvidPay for use by goods suppliers.
Reuters reported in December that AvidXchange was seeking a $2bn valuation in the round, though it has not disclosed valuation details. The extra capital took the company’s funding to more than $1.1bn since it was founded in 2000.
AvidXchange was valued at $1.4bn in its last round, in 2017, when it raised $300m from Mastercard, Caisse de Dépôt et Placement du Québec, Temasek and Peter Thiel, following $18m from Pivot Investment Partners and Fifth Third Capital, part of financial services firm Fifth Third Bancorp, the previous year.
The company’s earlier backers include KeyBank and Square 1 Bank as well as enterprise software provider Clarus Corporation, Bain Capital Ventures, Foundry Group, NYCA Partners, Charlotte Angel Partners, CT Communications Northeast Trust and Piedmont Angel Network.
