AvidXchange Acquisition, Valuation, Funding & Investors
AvidXchange was acquired by TPG for $2.2B in May 2025, a 5.2x multiple on $425M of revenue.
AvidXchange revenue at acquisition
$425M
Last twelve months · May 2025
AvidXchange revenue multiple at acquisition
5.2x
EV/Revenue · May 2025
Cumulative funding AvidXchange raised
$1.1B
across 8 funding rounds
About AvidXchange
AvidXchange is a Charlotte-headquartered fintech company offering cloud-based accounts payable automation for middle-market enterprises. The platform handles purchase order creation, invoice capture, approval workflows, and payment execution across multiple methods. Seamless integrations with accounting systems like QuickBooks, NetSuite, Sage Intacct, and Xero enable businesses to automate AP operations while supporting remote access from any internet-connected device.
Founded
2000
HQ
Charlotte, NCWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$186M (Jan 2020)
Valuation
$2B (Jan 2020)
AvidXchange Acquisition
AvidXchange was acquired by TPG for $2.2B on 6 May 2025.
The acquisition price implies a 5.2x revenue multiple on $425M of revenue.
Before the acquisition AvidXchange had raised $1.1B across 8 funding rounds.
AvidXchange Holdings, Inc., a leading provider of accounts payable (AP) automation software and payment solutions for middle-market businesses and their suppliers, serves over 8,500 businesses and has processed payments to more than 1.35 million suppliers in the past five years. The Charlotte-based fintech, which achieved unicorn status in 2017 with a $1 billion valuation and went public in 2021 via Nasdaq (AVDX), was taken private through a $2.2 billion all-cash acquisition at $10 per share, representing a 22% premium to the prior closing price and 45% above the March 2025 level before sale rumors. TPG, a San Francisco-based global alternative asset manager with $246 billion in assets under management, acquired a majority stake via its TPG Capital private equity platform, while Corpay (formerly FLEETCOR), an Atlanta-headquartered corporate payments leader, took a minority stake of approximately 33-34% for $500-550 million, with an option to buy the remainder in 2028. The deal, announced May 6, 2025, won shareholder approval September 16, 2025, and closed October 15, 2025, after regulatory clearances including antitrust review. Strategic rationale centers on accelerating AvidXchange's innovation in end-to-end AP workflows, managed services, supplier networks, and vertical specializations to transform nationwide AP processes amid converging B2B payments and automation markets. TPG and Corpay aim to leverage resources for scaling, cross-selling into Corpay's enterprise payments portfolio, and challenging banks and fintechs in the maturing mid-market segment, with CEO Mike Praeger highlighting enhanced customer solutions and team opportunities as a private entity. Transaction advisors included Davis Polk for TPG, Latham & Watkins for AvidXchange, and Paul Hastings for financing sources, underscoring competitive dynamics in fintech consolidation where AP automation becomes a strategic finance control point.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 6 May 2025 | PE buyout | $2.2B | 5.2x |
AvidXchange Valuation
AvidXchange is currently valued at $2B, based on its Series F in January 2020.
The $260M round was led by Sixth Street.
AvidXchange's valuation has grown 10x from $200M at its Series A in May 2014 to $2B in January 2020, across 4 priced rounds.
AvidXchange valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2020 | Series F | $2B | 10.8x |
| Jun 2017 | Undisclosed stage | $1.4B | - |
| Nov 2016 | Series E | $732M | - |
| May 2014 | Series A | $200M | 1.9x |
AvidXchange Revenue
AvidXchange's latest recorded revenue is $186M, as of its Series F in January 2020. At a $2B valuation, that implies a 10.8x revenue multiple.
Revenue grew from $108M in May 2014 to $186M in January 2020, while the revenue multiple moved from 1.9x to 10.8x.
AvidXchange revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2020 | $186M | $2B | 10.8x | Series F |
| May 2014 | $108M | $200M | 1.9x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
AvidXchange Funding History
AvidXchange has raised a total of $1.1B across 8 funding rounds.
AvidXchange's first fundraising round was a $10M Series A in May 2014. The most recent completed round was a $66M undisclosed-stage round in September 2020.
AvidXchange funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2020 | Undisclosed stage | Sapphire Ventures | $66M | - | AvidXchange is a Charlotte, North Carolina-based fintech company providing accounts payable (AP) and payment automation solutions for middle-market businesses, automating invoice capture, approval workflows, electronic payments, and supplier management. The platform integrates with leading ERP systems and supports high-volume industries. In 2020, the company conducted multiple Series F rounds totaling over $193 million, including a $66 million raise on September 3, 2020 led by Sapphire Ventures for product expansion and scaling, a $119 million round on July 30, 2020 from institutional investors for growth initiatives, and an $8.01 million round on May 21, 2020 from follow-on investors for operations and product development. These rounds contributed to total funding of $1.18 billion by late 2020. Earlier significant financings included a $260 million equity round announced January 17, 2020 led by TPG Sixth Street Partners, bringing total capital over $800 million and reportedly pushing valuation above $2 billion, following unicorn status at $1 billion in March 2019 and a prior $300 million raise in 2017 at $1.4 billion valuation. A $128 million extension in 2020 from investors like Lone Pine Capital, Mastercard, and others was described as an up round, increasing total funding to over $928 million for strategic growth and innovation. AvidXchange processed over $120 billion in invoices and payments in 2018, with 1,300 employees across seven U.S. states as of reports around 2020. The company expanded through acquisitions like BankTEL in 2019, adding bank customers, and launched products like AvidPay for healthcare. It competes in the growing B2B payments sector, projected to grow 5.6% annually through 2028, alongside peers like Stripe and Bill.com. A later aggregate valuation of $4.9 billion is noted without round tie-in. |
| Aug 2020 | Undisclosed stage | - | $119M | - | AvidXchange is a Charlotte, North Carolina-based fintech provider of accounts payable (AP) and payment automation solutions for mid-market and enterprise customers. The platform automates invoice capture, approval workflows, electronic payments, and supplier management, integrating with leading ERP systems to enable large-scale AP automation across industries with high invoice volumes. By August 2019, the company had more than 5,500 clients in North America. In 2020, AvidXchange completed multiple Series F financing rounds, including a $119 million round on July 30, 2020 led by institutional participants and a $66 million round on September 3, 2020 led by Sapphire Ventures, with a combined total of over $514 million raised during 2020. The company had been valued at over $1 billion and Reuters reported in December 2019 that the next round could value the company at around $2 billion. Key investors include Neuberger Berman, Lone Pine Capital, Bain Capital Ventures, Founders Fund, and TPG Sixth Street Partners. While the company disclosed its total venture and private equity funding since inception in 2000 exceeded $800 million at the time of the 2019 $260 million TPG-led round, the company declined to disclose specific post-money valuations for its 2020 Series F rounds and did not provide revenue or ARR growth metrics. |
| Apr 2020 | Series F | Lone Pine Capital; Schonfeld Strategic Advisors; Neuberger Berman; Sixth Street; Mastercard; Alpha Square Group; Pivot Investment Partners | $128M | - | AvidXchange is a leading provider of accounts payable (AP) and payment automation software for mid-market businesses, offering a SaaS platform that automates invoice and payment processes, eliminates paper checks, and provides e-payment options through its AvidPay Network of over 600,000 suppliers. Founded in 2000 and headquartered in Charlotte, North Carolina, the company serves 6,000 customers in North America, processing over $140 billion in transactions annually with 1,500 employees across seven offices. It positions itself as a disruptor in the traditional AP industry, driving e-payment adoption and efficiency. On April 23, 2020, AvidXchange announced an additional $128 million in equity funding from investors including Alpha Square Group, Lone Pine Capital, Mastercard, Neuberger Berman, Pivot Investment Partners, Schonfeld Strategic Advisors, and Sixth Street, bringing the total for its latest oversubscribed round to more than $388 million (including a prior $260 million closed earlier in 2020). The funds support strategic growth, innovation, and platform expansion amid accelerating AP automation adoption. Financial Technology Partners (FT Partners) advised the transaction. Investors highlighted AvidXchange's leadership in B2B payments, with Neuberger Berman citing its potential for cost savings and efficiency, and Pivot Investment Partners doubling down from its 2016 investment. The company had raised over $928 million total since inception by this point and was recognized as a global fintech unicorn. |
| Jan 2020 | Series F | Sixth Street (lead) | $260M | $2B | AvidXchange is a leading provider of accounts payable and payment automation solutions for mid-market businesses. The company's platform automates invoice processing and electronic payments, integrating with over 150 accounting software systems and maintaining the AvidPay Network, which connects to more than 600,000 suppliers. In early 2020, AvidXchange announced a $260 million Series F round led by TPG Sixth Street Partners, with participation from Mastercard, Lone Pine Capital, Pivot Investment Partners, Neuberger Berman, and Schonfeld Strategic Advisors. This round was subsequently increased to $388 million in total by April 2020, bringing the company's cumulative funding to over $1.1 billion since its founding in 2000. The valuation reached approximately $2 billion following the January 2020 closing, representing the company's progression from a $1.4 billion valuation in 2017 and achievement of unicorn status at $1 billion in March 2019. The company processes 9.5 million payments annually and had expanded its workforce to over 1,400 employees across seven offices by the end of 2019, with plans to significantly expand headquarters capacity. The funding was deployed to support strategic growth initiatives, product expansion including new solutions for healthcare and social services, and continued innovation in B2B payments automation. |
| Jun 2017 | Undisclosed stage | Temasek; La Caisse; Mastercard; Founders Fund | $300M | $1.4B | AvidXchange is a provider of accounts payable (AP) automation software and payment solutions, including the AvidPay Network for electronic payments, targeting middle market businesses and their suppliers. In 2017, the company achieved unicorn status with a valuation exceeding $1 billion, supported by a $300 million funding round from investors including Founders Fund, La Caisse, Mastercard, and Temasek Holdings, and the acquisition of Ariett. This milestone followed a $225 million funding round and the 2015 acquisition of Piracle, Inc., highlighting rapid growth in its fintech operations based in Charlotte, North Carolina. The 2017 funding bolstered innovations like the AvidPay Network, which expanded to connect over 925,000 suppliers by 2024. The company continued scaling, reaching over 8,000 customers by 2022 and processing $231 billion in spend management in 2023. though later reports show total revenue of $115.4 million in Q4 2024 and $107.9 million in Q1 2025. Post-2017, AvidXchange went public in 2021 on Nasdaq under ticker AVDX and maintained growth in AP automation, serving over 8,800 businesses and paying more than 965,000 suppliers. Recent financials indicate steady revenue increases, with a 10.9% year-over-year rise in Q4 2024, though growth slowed to 2.2% in Q1 2025 amid processing 19.7 million transactions worth $20.6 billion in payment volume. |
| Nov 2016 | Series E | Fifth Third Bank (lead); Pivot Investment Partners | $18M | $732M | AvidXchange is a Charlotte, North Carolina-based FinTech company founded in 2000 that provides accounts payable (AP) and payment automation solutions, targeting middle-market businesses to streamline invoice processing and payments. The platform integrates with over 150 accounting software systems and supports a payment network called AvidPay for suppliers. On November 28, 2016, AvidXchange closed an $18 million strategic investment round led by Fifth Third Capital, a subsidiary of Fifth Third Bancorp, with participation from Pivot Investment Partners. Financial Technology Partners (FT Partners) acted as the exclusive advisor. The funding was earmarked for developing new technologies to enhance client services, expanding sales channels, and hiring staff to support a rapidly growing customer base. Fifth Third's investment aligned with its strategy to enable commercial bank customers to automate invoices and payments via AvidXchange's platform, positioning the bank as a leader in banking technology. CEO Michael Praeger highlighted the investors as strategic advisors beyond mere financial backers, leveraging their experience and connections for growth and distribution. Pivot Investment Partners' co-founder Akbar Poonawala praised AvidXchange's business model after close observation. This round preceded larger financings, including an $18 million mention in context of later rounds and a 2017 $300 million raise at $1.4 billion valuation involving Mastercard and others. Subsequent developments included partnerships like with Mastercard's B2B Hub, where Fifth Third became the first bank to join, and major rounds in 2020-2021 expanding funding over $1 billion total, with valuations reaching toward $2 billion amid growth to 1,400+ employees. |
| Sep 2015 | Undisclosed stage | Bain Capital Ventures (lead); Ron Suber; Square 1 Bank; SV Health Investors; Nyca Partners; KeyCorp; Foundry Group; Sixth Street | $225M | - | AvidXchange, a leading FinTech provider of Accounts Payable and Payment Automation software, completed a $225 million minority growth financing (also reported as $235mm or $253mm) on September 14-15, 2015, led by Bain Capital Ventures with participation from Foundry Group, NYCA Partners, KeyBank, Square 1 Bank, and TPG Special Situations Partners (Sixth Street). Funds were intended to support rapid client growth through hiring, strategic acquisitions, and new product development for mid-market clients in industries like real estate, financial services, energy, and construction. The financing positioned AvidXchange to expand as a leading independent B2B invoice and payment solution provider, automating bill payments and integrating with accounting systems. Board additions included Matt Harris (Bain Capital Ventures), Hans Morris (NYCA Partners), and Brad Feld (Foundry Group). This Series E round was followed by an $18mm extension in November 2016 led by Fifth Third Bancorp with Pivot Investment Partners. Later rounds provide context: valued at $1.4bn in 2017 ($300m raise), unicorn status ($1bn) in 2019, and a $260m round in 2020 led by TPG Sixth Street Partners aiming toward $2bn valuation, bringing total funding over $800m. The company serves mid-market businesses with AP automation, invoice processing, and the AvidPay network integrable with over 150 accounting systems. |
| May 2014 | Series A | - | $10M | $200M | AvidXchange is a SaaS company specializing in automating invoice and payment processes for mid-market businesses. On May 13, 2014, it completed a Series D funding round raising $10.23 million at a post-money valuation of $199.75 million from undisclosed investors. The company has raised over $900 million in total venture capital from investors including Bain Capital Ventures, Nyca Partners, QED Investors, and TPG Capital. |
Who has invested in AvidXchange?
19 investors have backed AvidXchange across its funding rounds, including Sixth Street, Mastercard, Pivot Investment Partners, Founders Fund, Bain Capital Ventures and Temasek.
Lead investors include Sixth Street, Fifth Third Bank and Bain Capital Ventures.
AvidXchange Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Lead | Sep 2015 | |
| New York City, NY | 2 | Participant | Jun 2017 | |
| New York City, NY | 2 | Participant | Nov 2016 | |
 Singapore | 1 | Participant | Jun 2017 | |
| Denver, CO | 1 | Participant | Sep 2015 | |
| Durham, NC | 1 | Participant | Sep 2015 | |
| Greenwich, CT | 1 | Participant | Apr 2020 | |
| Boston, MA | 1 | Participant | Sep 2015 | |
| New York City, NY | 1 | Participant | Apr 2020 | |
 Montreal | 1 | Participant | Jun 2017 | |
| New York City, NY | 1 | Participant | Sep 2015 | |
| New York City, NY | 1 | Participant | Apr 2020 | |
| Cleveland, OH | 1 | Participant | Sep 2015 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by AvidXchange
AvidXchange has acquired 6 companies to date.
Last acquisition by AvidXchange was on July 12th 2021. AvidXchange acquired FastPay for $77M.
Latest Acquisitions by AvidXchange
| Description | FastPay is a payments and financing provider for the media industry, processing B2B transactions and invoice advances. Los Angeles-headquartered since 2002, it has handled over $20 billion in payments for clients including Disney and Warner Bros., offering same-day funding against receivables from advertising and production invoices. | Core Associates is a provider of accounts payable automation software and payment solutions targeting middle-market businesses and suppliers. The platform streamlines invoice management, approvals, and disbursements via electronic payments including ACH, virtual card, and check. Integrated with major ERP systems, it enhances cash flow visibility and reduces paper-based processes for vendors nationwide. | BankTEL Systems is a provider of integrated financial accounting software for community banks, credit unions, and thrifts across the United States and international markets. The platform automates general ledger, deposit accounting, loan servicing, regulatory reporting, and treasury management, reducing operational costs through features like ACH processing and wire transfer reconciliation. Headquartered in Richardson, Texas, the company serves institutions nationwide with on-premise and cloud-based deployments. | Ariett is a cloud-based procurement and accounts payable platform that automates purchasing, invoicing, expenses, and payments. Acquired by Coupa Software, it integrates with ERP systems like NetSuite, QuickBooks, and Microsoft Dynamics. Ariett serves organizations in software, business services, healthcare, education, and nonprofits with mobile-accessible tools for spend management, approvals, and compliance tracking across global operations. | |
| HQ Country | | | | | |
| HQ City | Los Angeles, CA | West Palm Beach, FL | Columbus, OH | Boston, MA | |
| Deal Date | 12 Jul 2021 | 4 Jan 2021 | 27 Aug 2019 | 20 Nov 2017 | |
| Valuation | $77M | $24M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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AvidXchange Competitors
AvidXchange competitors include listed companies like Money Forward, Vertex and BlackLine, and private ones like Jeeves, PayFit and Vestwell.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Japan | Publicly listed | $324M | $55M | $2.2B | 5.8x | |
| Miami, FL | Private | $40M | - | $2.1B | 52.5x | |
 Paris | Private | $74M | - | $2.1B | 28.3x | |
| New York City, NY | Private | $200M | - | $2B | 10.0x | |
| United States | Publicly listed | $748M | $103M | $2B | 2.6x | |
| United States | Publicly listed | $700M | $72M | $1.7B | 2.5x |
AvidXchange Public Comps
AvidXchange is no longer listed, but its public comps include Beijing United, Money Forward, Vertex, BlackLine, Freee, Focus Technology, 74Software, Fujian Boss Software, Chancemate and TOTVS.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $7.6B | $373M | 0.3x | 0.2x | 5.9x | 5.5x | |||
| $324M | $55M | 6.8x | 5.8x | 39.7x | 34.4x | |||
| $748M | $103M | 2.8x | 2.6x | 20.5x | 10.8x | |||
| $700M | $72M | 2.6x | 2.5x | 25.6x | 8.5x | |||
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $286M | $83M | 4.3x | 3.9x | 14.7x | 13.7x | |||
| $814M | $112M | 1.9x | 1.8x | 13.7x | 9.8x | |||
| $299M | $40M | 2.8x | 2.9x | 21.1x | 21.0x | |||
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Common questions about AvidXchange
| When was AvidXchange founded? | AvidXchange was founded in 2000. |
| Where is AvidXchange headquartered? | AvidXchange is headquartered in Charlotte, NC, United States. |
| Is AvidXchange publicly listed? | No, AvidXchange was acquired by TPG in May 2025. |
| Who acquired AvidXchange? | AvidXchange was acquired by TPG in May 2025. |
| How much was AvidXchange acquired for? | AvidXchange was acquired for $2.2B in May 2025, a 5.2x revenue multiple. |
| What is AvidXchange's valuation? | AvidXchange was last valued at $2B in its Series F in January 2020. |
| How much funding has AvidXchange raised? | AvidXchange has raised $1.1B across 8 funding rounds. |
| What was AvidXchange's last funding round? | AvidXchange's last funding round was a $66M undisclosed-stage round in September 2020. |
| Who are AvidXchange's investors? | AvidXchange's investors include Sixth Street, Mastercard, Pivot Investment Partners, Temasek, Ron Suber, Square 1 Bank, Lone Pine Capital, SV Health Investors, Schonfeld Strategic Advisors, La Caisse and 9 others. |
| What is AvidXchange's revenue? | AvidXchange's latest recorded revenue is $186M (January 2020). |
| What is AvidXchange's revenue multiple? | AvidXchange's latest valuation implies a 10.8x revenue multiple ($2B valuation on $186M of revenue). |
| Which companies are comparable to AvidXchange? | Companies comparable to AvidXchange include Money Forward, Jeeves, PayFit, Vestwell, Vertex and BlackLine. |
| How many companies has AvidXchange acquired? | AvidXchange has acquired 6 companies, including FastPay, Core Associates, BankTEL Systems, Ariett and Strongroom Solutions. |
| What was the largest acquisition by AvidXchange? | The $77M acquisition of FastPay in July 2021 is the largest acquisition AvidXchange has made to date. |
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