CHARLOTTE – AvidXchange is already a “unicorn” with a value topping $1 billion. Now the Charlotte-based fintech firm is looking for add even more to that value.
Sources have told Reuters that AvidXchange is seeking to raise “at least 300 million” from investors.
If so, the value of the firm would top $2 billion.
AvidXchange declined comment.
The fast-growing firm is in the process of doubling the size of its headquarters in Charlotte. The Reuters report follows two other recently disclosed financial transactions reported by the company.
AvidXchange raised $300 million in 2017, boosting its value at the time to $1.4 billion and into the unicorn ranks – startups and emerging firms valued at $1 billion or more.
Reuters note that strong investor interest in fintech for payments and other uses such as invoicing and accounting.
“The business payments sector is expected to grow by around 5.6% in revenue each year until 2028, according to a September report from Boston Consulting Group,” Reuters added.
AvidXchange launched in 2000.