Unicorn AvidXchange to double its HQ in Charlotte

CHARLOTTE – AvidXchange is getting ready to double its presence in Charlotte.

On Thursday, the fintech software provider unveiled plans for its new expanded headquarters, a 201,000 square-foot facility on the AvidXchange Music Factory campus.

AvidXchange

The second building is, in footprint, an exact replica of the first, completed in 2017.

And it’s big, with room for an additional 1,200 employees, increasing its workforce by a third to 1,800.

“The expansion of our headquarters signifies more than being a rapidly-growing fintech company,” Michael Praeger, CEO and Co-Founder of AvidXchange, said in a statement.

“It represents the mark Charlotte is making as a center for innovation.”

Launched 19 years ago in the back of a Charlotte coffee shop with five employees, AvidXChange has experienced exponential growth in recent years – growing at a rate of about 45 percent for the last five years running.

Now it’s one of the country’s largest B2B payment networks. In 2017, its value soared past $1 billion, thus becoming a “unicorn” according to private equity standards, when it closed on $300 million in financing. Then last December, it announced plans to invest $41 million as part of its growth commitment.

Along with its plans to expand its headquarters in Charlotte, AvidXChange is building a second primary location just outside Salt Lake City, Utah.

“There aren’t many software companies in the world that are doing that,” said Steve Boehm, AvidXChange’s chief operating officer, at the CED Tech Conference in Raleigh back in February.