US-based AP automation company AvidXchange has announced it has raised USD 260 million in equity capital as part of the company's latest financing round.
With contributions from TPG Sixth Street Partners and other leading investors, this brings total funding to more than USD 800 million over the company's 20-year history. The new capital will fuel AvidXchange's quest to invest in its solutions for both buyers and suppliers while reaching more customers in the middle market.
The funding comes on the heels of a transformational 2019 for the company, as AvidXchange took several steps to propel growth and drive the business toward its next phase. In October, the business launched AvidPay and AvidInvoice for long-term healthcare and social services and in July, the acquisition of BankTEL Systems added nearly 2,000 bank customers to its financial services vertical. Financial Technology Partners LP and FTP Securities served as the exclusive financial and strategic advisor to AvidXchange in this transaction.
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