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

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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.

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)

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