Payment and invoice processor AvidXchange has picked up a $100m growth equity investment from Canadian pension major, Caisse de dépôt et placement du Québec.
AvidXchange, founded in 2000, offers companies within the real estate, financial services, energy, and construction sectors paperless accounts payable solutions.
The company currently serves more than 5,500 midsized businesses in North America, enabling clients to automate and streamline their B2B invoice and payment processes, increasing control over, visibility into, and better management of cash flow.
CDPQ direct private equity co-head for US and Latin America, Aviva Shneider, said, “With a strong management team and a proven business model, AvidXchange is exactly the kind of financial technology company that CDPQ is seeking to invest in.
“AvidXchange delivers a complete and simple invoice workflow and B2B payment management solution that helps medium-sized businesses solve complex multi-step processes.
“As an industry leader in electronic business payments, AvidXchange has seen strong adoption and is ideally positioned to grow and to succeed today and in the economy of the future.”
CDPQ was managing more than $270bn in net assets at the turn of the year, and invests across private equity, infrastructure and real estate strategies.
Its private equity unit has more than $30bn of assets under management.
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