CHARLOTTE – AvidXchange has raised another $260 million in investment capital, likely pushing the company to a $2 billion valuation.
Executives weren’t talking about the valuation based on private equity standards Friday when the rumored funding was announced. Sources told Reuters in December that the fintech firm is seeking to raise “at least 300 million dollars” from investors.
If so, the value of the firm would top $2 billion, Reuters noted at the time.
And its CEO sees plenty of room for more growth which the funding will be used to accelerate.
“More than 60 percent of U.S. businesses still pay bills with paper checks, accounting for more than $2.7 trillion in administrative costs annually,” said Michael Praeger, its CEO and co-founder. “We’re shaping the future of the B2B payments industry by fundamentally changing the way businesses pay their bills, providing a single platform for AP and payments with the largest payments network for the middle market.”