Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee




Posted January 07, 2021


AvidXchange is expanding its footprint yet again.

The Charlotte-based fintech software provider has acquired Core Associates, an accounts payable (AP) firm based out of Jupiter, Florida.

The company is the maker of TimberScan, a complementary AP solution estimated to have 30,000 users.

With this acquisition, AvidXchange said it becomes “one of the foremost” automated “purchase-to-pay” solutions for the construction industry.

“Existing and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills,” said Michael Praeger, CEO and Co-Founder of AvidXchange, in a statement.

It will help reduce what was previously a month-long process down to only two or three days using a single solution,” said Frank Grenci, Core’s CEO and co-founder.

The acquisition is the latest in a string of deals that AvidXchange has made over the years.

Others included BankTel Systems, an AP firm based in Columbus, Mississippi, back in 2019.

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