CHARLOTTE, N.C., Nov. 28, 2016 /PRNewswire/ -- AvidXchange™,
leading FinTech provider of Accounts Payable and Payment
Automation, announced today that it has added another set of
strategic Investors in its recent $18
million strategic investment round. This investment
was led by Fifth Third Capital, a subsidiary of Fifth Third
Bancorp, with participation from Pivot Investment
Partners. AvidXchange will use this funding to invest in the
development of new, innovative technologies to further serve its
clients and high growth, to develop new sales
channels, and to hire staff to support its rapidly growing
customer base. Fifth Third's investment is part of a broader
strategy to allow commercial bank customers to utilize the
AvidXchange platform to automate their invoice and payment
processes.
"We have really enjoyed working with Fifth Third Bank and Pivot
Investment Partners as we add another set of blue chip strategic
investors to our existing investor base. We see both as
far more than financial investors, but also as trusted advisors.
Their experience and invaluable connections will serve AvidXchange
well as we continue to grow as a company and develop our various
distribution channels," commented Michael
Praeger, CEO and Co-Founder. "Fifth Third Bank is a leader
in banking technology, and we are thrilled to be among the
companies that they have selected to bolster their edge in the
technology space, as well as help us bring automated bill payment
solutions to middle market companies," added Praeger.
"We have been following AvidXchange closely over the past year,
and are deeply impressed with the special business that
Michael Praeger and his team are
building. We are delighted to join a highly relevant set of
value-added investors," commented Akbar
Poonawala, Co-Founder of Pivot Investment
Partners.
About AvidXchange™
AvidXchange™ revolutionizes the way companies pay their
bills. Serving more than 6,000 clients throughout
North America, AvidXchange is an
industry leader in automating invoice and payment processes for
midmarket companies spanning multiple industries including Real
Estate, Financial Services, Energy, and Construction.
AvidXchange has been recognized as one of the 50 fastest-growing
private companies in the Charlotte
area for four consecutive years, ranked among Deloitte's Fast 500
this past year, and recently was named of the top 100 technology
companies in North America by
Red Herring. In the midst of
record growth, AvidXchange has remained true to its most valued
competitive advantage—its people. AvidXchange has been
recognized as one of the Best Places to Work in Charlotte for eight consecutive years.
For more information, contact us at 800.560.9305 or
info@AvidXchange.com.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio.
As of September 30, 2016, the Company
had $143 billion in assets and
operates 1,191 full-service Banking Centers, including 94 Bank
Mart® locations, most open seven days a week, inside select grocery
stores and 2,497 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and
North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth & Asset Management. Fifth Third
also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest and, as of
September 30, 2016, had $314 billion in assets under care, of which it
managed $27 billion for individuals,
corporations and not-for-profit organizations. Investor information
and press releases can be viewed at www.53.com. Fifth Third's
common stock is traded on the NASDAQ® Global Select Market under
the symbol "FITB." Fifth Third Bank was established in 1858. Member
FDIC, Equal Housing Lender
About Pivot Investment Partners
Pivot Investment Partners LLC is an investment firm of CEO-level
operating executives who have grown and transformed financial
services businesses around the world. The team has deep experience
in markets where information, technology and scalable processes are
critical drivers of success.
Pivot works closely with a select set of high-potential
financial services and FinTech companies, investing its operating
expertise and capital in their success and accelerated growth. Each
of its investments is tailored to company-specific needs,
under-pinned by a shared passion for building distinctive,
innovative and customer-centric businesses. Over the past 3
years, Pivot has made 19 investments across retail and wholesale
finance.
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SOURCE AvidXchange