Automated business payments processing firm AvidXchange is launching a new fundraising round that could give the firm a $2 billion valuation, The New York Times reported on Monday (Dec. 9), citing sources.
This latest fundraising could top $300 million. AvidXchange previously raised $300 million in 2017 at a $1.4 billion valuation led by PayPal Co-founder Peter Thiel and Mastercard. Investment bank Financial Technology Partners is advising AvidXchange on this fundraising round, according to sources.
Founded in 2000 by CEO Michael Praeger, the Charlotte, North Carolina-based firm provides software that automates payments, invoicing and accounting for small and mid-sized businesses (SMBs).
AvidXchange processed more than $120 billion of invoices and payments across its network of more than 500,000 suppliers in 2018, transforming the way 5,500 customers in North America pay their bills, according to its website. The firm has 1,300 employees across offices in seven states and is distinguished as a global FinTech unicorn.
Revenue growth in the business payments sector is expected to grow by around 5.6 percent through 2028, according to Boston Consulting Group.