Fintech AvidXchange raises $300 million from Caisse, Mastercard: statement

Reuters News
Posted: Jun 08, 2017 1:08 PM

(Reuters) - AvidXchange, a software company that helps mid-sized companies automate their invoicing and bill payments, said on Thursday it raised $300 million from investors including Mastercard <MA.N>, Silicon valley investor Peter Thiel and Canada's second largest public pension fund.

Pension fund Caisse de dépôt et placement du Québec said it invested $100 million in the Charlotte, North Carolina-based company. Temasek Holdings Pte Ltd, a Singapore state investor, also contributed to the financing.

AvidXchange has more than 5,500 North American business customers using its cloud-based automated payment processing software.

A financial technology firm founded in 2000, AvidXchange said in a statement that the latest funding round would help the company expand. It also announced a partnership with Mastercard to help reach an underserved market of small and medium-sized businesses still using manual processes to pay their bills.

Ford's Classmate Now Changing Her Story
Cortney O'Brien

The $300 million equity investment values AvidXchange at around $1.4 billion, according to a report by the Wall Street Journal.

Financial Technology Partners LP and FTP Securities LLC are the financial and strategic advisers in the deal.

(Reporting by Solarina Ho; editing by Grant McCool)