AvidXchange, a chief #FinTech provider of payment and accounts payable automation, has announced the closure of $225 million minority growth financing deal that was led by Bain Capital Ventures. The financing round received contributions from NYCA Partners, Foundry Group, TPG Special Situations Partners, Square 1 Bank and Keybank. The company has joined the portfolio of Bain Capital Ventures which comprise several firms such as LinkedIn, Vonage, Staples, Billtrust, iPlay Technologies and Experian. During this transaction, FTP Securities and Financial Technology Partners LP, which is the company’s long term partner, provided exclusive financial and strategic advice to the company. Part of the funding will be used in hiring staff to support its increasing client base, make some strategic acquisitions and create new product technologies that will help them serve their clients better.
The investor group that AvidXchange assembled for the completed transaction was a robust and unique combination of investors with vast knowledge and expertise in payment systems and financial technology and also in software systems. This is a distinguished investor group that boosts clients’ confidence in the company and also creates more opportunities for all participants. The minority partners are also distinguished in their respective business industries and this is definitely a plus for AvidXchange.
Following the successful completion of the recently closed funding round, Bain Capital Ventures, which is mainly focused on financial technology, also expressed their confidence in AvidXchange as a leader in the development of accounts payable automation. According to Matt Harris, MD of Bain Capital Ventures, days of manual entry, paper checks and lockboxes are long gone and automation is the best way now and in the future. This gives AvidXchange great growth potential by providing automated payment services to all types and levels of businesses.
From this successful funding partnership, AvidXchange has added the following persons to its board of directors: Matt Harris, MD of Bain Capital Ventures; Hans Morris, Managing Partner of NYCA Partners; and Brad Feld, Co-Founder of Foundry Group & Techstars.