Charlotte’s fintech software firm AvidXchange lands $130M in equity

CHARLOTTE – Fintech software provider AvidXchange has landed $130 million in equity, according to a recent U.S. Securities and Exchange Commission filing.

Four investors contributed to the raise, which kicked off on October 1.

The filing indicated that the offering is made in connection with a business transaction, “such as a merger, acquisition or exchange offer.”

Around $7.5 million will be used for sales commission payable to “an entity affiliated with its director Steven McLaughlin,” it noted.

Earlier today, it was reported that the Charlotte-based company sold $20 million in shares in a private stock offering, according to another filing. AvidXchange announced the acquisition of accounting software company BankTEL on August 28.

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, becoming a “unicorn” according to private equity standards, when it closed on $300 million in financing.

Last December, it announced plans to invest $41 million as part of its growth commitment.

It plans to double its headquarters in Charlotte and build a second primary location just outside Salt Lake City, Utah.