AvidXchange Holdings Inc is looking to raise up to $506 million in a U.S. initial public offering (IPO), according to a regulatory filing on Monday, that could value the business payments firm at about $4.4 billion.
The company, which is backed by billionaire Peter Thiel, was valued at $2 billion in a funding round in April last year. Reuters reported in March that AvidXchange had hired investment banks to prepare for an IPO. read more
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.
AvidXchange, which counts Mastercard Inc (MA.N) among its investors, makes software that automates payments, invoicing and accounting for small- and mid-sized businesses.