Fintech: Southeast News

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Posted October 11, 2021

 

The accounts payable (AP) solution AvidXchange Inc. is looking to go public with a half-billion-dollar IPO.

According to a Reuters report, the firm, backed by billionaire venture capitalist Peter Thiel, submitted a regulatory filing on Monday (Oct. 4) that shows it hopes to raise as much as $506 million through an initial public offering in the United States.

As PYMNTS reported last month, AvidXchange’s core business involves suppliers submitting invoices to its two-sided platform. Buyers will approve those invoices and payments once they’re integrated with the accounting system. From there, payments are executed through the network using the suppliers’ chosen methods.

{mprestriction ids="1,4,9"}In an S1 filing, the company said it had more than 7,000 buyers on its platform at the end of FY 2020, with more than 700,000 suppliers paid between 2015 and 2020. AvidXchange processed around 53 million transactions during the fiscal year 2020.

“The B2B payments market is rapidly evolving and represents a significant opportunity for digital transformation,” the company said in its filing, adding that paper checks account for roughly 42% of the $25 trillion spent on B2B payments every year.

The filing quoted PYMNTS’ own data that found 46% of accounts payable (AP) professionals would like to implement digital AP automation solutions.

 

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