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.
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