Avid
“Can an AP automation platform for mid-market businesses become the default payment network and embedded finance layer between buyers and their supplier ecosystems?”
Founded2000
HQCharlotte, NC, USA
FoundersMichael Praeger
Total raised$1.5B+
Latest roundIPO, October 2021 (Nasdaq: AVDX)
IndustryHorizontal SaaS / Accounts Payable Automation
The story
Founded in 2000 as a B2B accounts payable automation company serving middle-market businesses, AvidXchange has progressively expanded from document digitization into full payment network operations, processing supplier payments across check, ACH, and virtual card rails. The 2021 IPO cemented its position as a public fintech infrastructure company. The 2022 Wise Platform partnership marked a deliberate move into cross-border payment capabilities, extending the embedded finance layer of its AP automation stack.
Product timeline
2000
AvidXchange founded in Charlotte, NC as an accounts payable automation software provider for mid-market businesses.· pivot
2021
AvidXchange went public on Nasdaq (AVDX), raising approximately $660M in its IPO.· ipo
2022
AvidXchange launched Cross-Border Payments solution in partnership with Wise Platform to enable international supplier payments.· banking
The stack
5 layers disclosed in Avid’s embedded-finance stack
Payments / PSP
AvidXchange Payment Network (self-operated)
Money movement
in the full report
Banking / BaaS
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: none
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.