Thiel-backed payments firm AvidXchange files for U.S. IPO

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

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AVIDXchange 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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Charlotte, a North Carolina-based company that counts Mastercard Inc. among its investors, makes software that automates payments, invoicing and accounting for small and medium-sized businesses.

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

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AVIDXchange has over 7,000 North American companies as its clients and has offices in seven cities in the United States.

The company, which expects 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.

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.

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

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