CLEVELAND, Sept. 23, 2015
/PRNewswire/ -- KeyBank (NYSE:KEY) today announced a strategic
partnership and minority investment in AvidXchange, a world class
leader in accounts payable automation solutions. This
collaboration marks the most recent in a series of partnerships
with emerging FinTech providers, solidifying Key's commitment to
deliver innovative products and services to market.
The AvidXchange platform will allow Key's clients to transform
the invoicing to payment process by replacing a traditionally
paper-based process with end-to-end digital capabilities. The
SaaS based nature of the platform, coupled with integrations into
more than 100 of the most commonly used accounting systems, means
companies are able to get up and running immediately, with little
need for heavy IT resources. Combining this innovation with
Key's broad range of payment capabilities has created one of the
most dynamic solutions in the market today.
"Our strategy centers around targeting the customers we want to
do business with and delivering them best-in-class solutions that
truly make their businesses better," said Group Head of KeyBank
Enterprise Commercial Payments Clark Khayat. "That's why we
canvass the FinTech landscape to find the emerging technologies,
like AvidXchange, that are true differentiators. The success
we've had with these partnerships demonstrates that our clients
trust us to find the right solutions, especially when they
complement our core services so well."
AvidXchange, recently completed a $225
million minority growth financing led by Bain Capital
Ventures, with contributions from Foundry Group, NYCA Partners,
KeyBank, Square 1 Bank, and TPG Special Situations Partners.
"Combining our investment along with the strategic partnership
is a critical aspect, because it fully aligns Key's interests with
AvidXchange and ensures an integrated view of the product roadmap
and client experience," adds KeyBank Enterprise Commercial Payments
Head of Product & Innovation Ken Gavrity.
"We consider KeyBank to be one of the most innovative banks in
the country and we're thrilled to have them as both an investor and
partner. From the outset, they've had a strong commitment to
the partnership and a team truly focused on delivering a great
client experience. It's a win for AvidXchange, KeyBank and,
most importantly, our collective client base," said AvidXchange CEO
and Co-Founder Michael Praeger.
About KeyCorp
KeyCorp (NYSE: KEY) was organized more than 160 years ago and is
headquartered in Cleveland, Ohio.
One of the nation's largest bank-based financial services
companies, Key has assets of approximately $94.6 billion. Key provides deposit, lending,
cash management and investment services to individuals, small and
medium-sized businesses under the name of KeyBank N.A. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/, or follow Key on Twitter @KeyBank_News and
@KeyBank. KeyBank is Member FDIC.
About AvidXchange
AvidXchange revolutionizes the way companies pay their
bills. Serving more than 5,200 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 six consecutive years. For
more information, contact us at 800.560.9305 or
info@AvidXchange.com.
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SOURCE KeyBank