CHARLOTTE – Rapidly growing fintech AvidXchange has raised another $127 million in fresh capital, according to an SEC filing.
The Charlotte entrepreneurial company filed the notice on Monday, saying it had secured the funds from 52 investors across 12 states in exchange for equity, options and securities.
But the cash – which AvidXchange launched its fundraising for on April 7 – did not come cheaply. The company paid $7.65 million in sales commission to San Francisco-based FTP Securities.
The company raised $130 million in January and said it was part of a $260 million round led by TPG Sixth Street Partners.
“More than 60 percent of U.S. businesses still pay bills with paper checks, accounting for more than $2.7 trillion in administrative costs annually,” said Michael Praeger, CEO and Co-Founder of AvidXchange, in that announcement. “We’re shaping the future of the B2B payments industry by fundamentally changing the way businesses pay their bills, providing a single platform for AP and payments with the largest payments network for the middle market.”
AvidXchange is poised to win with a complete offering of invoice automation, payment automation and supply chain finance all in one platform,” said Bo Stanley, Partner and Co-Head of Capital Solutions at TPG Sixth Street Partners, in the January announcement.
“Their comprehensive solutions coupled with the power of the AvidPay Network gives them all the right tools to lead the market, and we are proud to be their long-term partner.”
Stanley was among the signers of the latest SEC filing.
AvidXchange, raised $150 million last October, has now drawn some $800 million from investors.