AvidXchange is a provider of accounts payable and on-demand invoice management solutions.
AvidXchange helps middle-market businesses automate the accounts payable process to boost efficiency, accuracy and speed.
AvidXchange was founded in 2000 by Michael Praeger and Chris Tinsley. The company is based in Charlotte, North Carolina, with multiple offices in the US.
AvidXchange offers electronic invoice capture, invoice approval workflow, invoice and bill payment reporting, utility bill analytics and payment solution, centralized invoicing processing, account payable solution, and accounting system integration software solutions.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses with over 1,500 employees supporting more than 7,000 customers across North America.
AvidXchange processed approximately 53 million transactions with over $145 billion in spend under management in 2020 and has paid more than 700,000 suppliers through its network over the last five years.
AvidXchange's lead investors includes Temasek Holdings, TPG Sixth Street Partners, Bain Capital Ventures, Fifth Third Capital, Lone Pine Capital, Schonfeld Strategic Advisors, Foundry Group, and others. The company raised another $66M financing round on Sep 22, 2020. This brings AvidXchange's total funding to $1.16B to date. AvidXchange was valued at $1.4B from its Series F funding round on Jun 9, 2017.