CHARLOTTE – AvidXchange, the fast-growing financial technology firm known as a “unicorn” for its $1 billion-plus valuation by investors, is adding 1,229 jobs at its Charlotte headquarters. The additions will increase the privately held firm’s workforce by a third to 1,800.
Gov. Roy Cooper and AvidXchange announced the expansion Tuesday.
The company says it will invest $41 million as part of the growth commitment.
North Carolina will reimburse AvidXchange nearly $20 million in payroll tax rebates over 12 years if all new job commitments are met.
AvidXchange’s value as a firm soared past $1 billion last year when it closed on $300 million in financing.
“We launched AvidXchange 18 years ago in a coffee shop in Charlotte with five employees. Since then, we’ve grown to 1200 employees, proud to call North Carolina home,” said AvidXchange CEO Michael Praeger in the announcement. “I’m thrilled to have the State’s continued support as we look to double our employee base in the next five years.”
New jobs will include software development, financial, marketing, and professional services personnel, and salaries will average $68,569, the company said. The average wage is higher than the current average wage in Mecklenburg County.
“AvidXchange has realized incredible growth over the past four years,” Praeger added in a press release. “When we broke ground on our new campus in 2015, we had 300 employees. Today we have more than 1,200.”
AvidXchange provides accounts payable and payment automation services.
“North Carolina leads the nation in the IT and financial services industries,” Cooper said. “North Carolina’s talented workforce helps companies like AvidXchange develop big ideas and build innovative products.”
The expansion is the third headquarters-related move in Charlotte this month following news from LendingTree (expansion) and Honeywell (relocation to the Queen City.)
North Carolina to rebate $42.5M in taxes to Honeywell in HQ move to Charlotte
