AvidXchange swipes $3.5m for automated payments

October 31, 2016

Payments automation service AvidXchange has raised $3.5m in a new round of equity funding according to an SEC filing.

The financing comes from two investors that remain unnamed.

The Charlotte, North Carolina company previously raised $225m in a private equity round led by Bain Capital in September 2015.

AvidXchange operates a SaaS solution designed to streamline entire accounts payable processes ranging from invoice receipts to vendor payments.

The company plans to open a new headquarter in Charlotte next year that will accommodate as many as 1,000 employees.

It currently counts 700 staff having added 250 since the start of the year.

The filing did not disclose how AvidXchange intends to spend the new capital.

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