Payments firm AvidXchange files for U.S. IPO

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(Businesshala) – AvidExchange Holdings Inc. is looking to raise up to $506 million in a US initial public offering (IPO), which could value the business payments firm at about $4.4 billion, according to a regulatory filing on Monday.

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The company, backed by billionaire Peter Thiel, was valued at $2 billion in a funding round in April last year. Businesshala reported in March that AVIDXchange had hired investment banks to prepare for an IPO.

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Financial technology firms that facilitate payments for businesses have been highly successful over the past year, as the COVID-19 pandemic accelerated digital transformation across industries.

AVIDXchange, which counts Mastercard Inc. among its investors, makes software that automates payments, invoicing and accounting for small and medium-sized businesses.

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The 21-year-old company processed nearly 53 million transactions last year with a total value of $145 billion, its website showed.

The Charlotte, North Carolina-based company has more than 7,000 North American companies and offices in seven cities in the United States.

AVDXExchange, which hopes to list on the Nasdaq under the symbol “AVDX,” said it plans to price its stock in the IPO from $21 per share to $23 per share.

Goldman Sachs & Company, JP Morgan, BofA Securities and Barclays are among the underwriters for AvidExchange’s IPO.

Reporting by Sohini Poddar and Eva Mathews in Bengaluru; Editing by Maju Samuel and Vinay Dwivedi

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