AvidXChange Raises Additional $128mn in Equity Capital

Accounts payable and payment automation fintech AvidXchange has raised an additional $128mn, an extension to the $260mn round reported earlier this year; Investors include Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman; Michael Praeger, Co-Founder and CEO at AvidXchange, tells Crowdfund Insider there is plenty of growth opportunity for his firm: “This has become even more evident as we see businesses implementing continuity plans and shifting to work from home models, making automation essential to support mission critical processes and keep operations running.”; the company processes more than $140bn in transactions annually as the company focuses on middle market companies; Charles Kantor, Senior Portfolio Manager at Neuberger Berman, said to Crowdfund Insider, “We see AvidXchange as perhaps the strongest emerging platform in this space and are excited to partner with the team on their journey to further drive long term value creation.” CrowdFund Insider

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