NEW YORK (Reuters) – Business payments processing firm AvidXchange Inc, whose investors include Mastercard Inc and PayPal Holdings Inc co-founder Peter Thiel, said on Thursday it had added an additional $128 million to a $260 million fundraising round it closed in January.
AvidXchange provides software that automates payments, invoicing and accounting for small and mid-sized businesses. Many of them have been hurt by the coronavirus outbreak, which has shut down large swaths of the economy.
However, the boost in e-commerce and a drive to make more business operations digital is positive for the Charlotte, North Carolina-based company, its chief executive and co-founder, Michael Praeger, said in an interview.
“The value proposition that we’ve been evangelizing for years, an event like COVID-19 is becoming the catalyst to change an industry,” Praeger told Reuters.
“We had a record first quarter as companies recognized that, in the work-from-home environment, we can’t get…
Source Reuters Tech News
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