Accounts payable and invoice management service AvidXchange has raised $18m in a new round of funding.
The strategic investment was led by Fifth Third Capital and also saw contribution from Pivot Investment Partners.
The Charlotte, North Carolina-based company offers automated invoicing and payments processing for mid-market companies.
It says its client base of more than 6,000 companies around Norther America include firms across industries including real estate, financial services, energy and construction.
The firm previously raised a $225m in a private equity round led by Bain Capital.
AvidXchange CEO and co-founder Michael Praeger said the company sees this round’s backers as, “far more than financial investors, but also as trusted advisors.”
Adding, “Their experience and invaluable connections will serve AvidXchange well as we continue to grow as a company and develop our various distribution channels.”
The company says it will use the capital to develop new technologies with which to serve clients, expand its sales team and hire more customer support staff.
Fifth Third Capital is an investment subsidiary of Ohio-headquartered financial services firm Fifth Third Bancorp.
Its participation in the round comes as part of a wider strategy to enable its commercial bank customers to utilise AvidXchange’s platform.
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