Charlotte fintech company AvidXchange raised another large round of capital this week.
The payment automation solutions provider, founded in 2000 by Michael Praeger and David Miller, raised $127.5 million in equity capital, according to a filing with the U.S. Securities and Exchange Commission.
AvidXchange filed the notice Monday, which said the funds came from 52 investors. San Francisco-based FTP Securities collected $7.65 million in sales commission on the deal. The company did not immediately respond for a request to comment Wednesday.
The company will use the new capital to support strategic growth initiatives and continued innovation, helping both buyers and suppliers automate their AP and payments processes, according to a statement released by AvidXchange on Thursday.
AvidXchange raised $260 million in equity capital in January, surpassing $800 million in total investor capital to date.
The company became a unicorn, a private company valued at $1 billion or more, when it raised $300 million in 2017.
In 2019, the company acquired BankTEL Systems (and a subsequent 2,000 bank customers) and announced an HQ expansion project. It was also one of CB Insight’s global unicorns for the third year in a row.
AvidXchange has 1,400 employees across seven offices.
