Charlotte-based AvidXchange partners with KeyBank
Cleveland-based KeyBank announced a partnership and minority investment in AvidXchange, the Charlotte-based firm that automates bill payments and invoices for midsize companies.
In a statement this week, KeyBank lauded AvidXchange’s “software as a service” platform and integrations into more than 100 of the most commonly used accounting systems, adding that the software will eliminate the need for heavy IT investment for its clients.
Terms of KeyBank’s investment in AvidXchange were not disclosed.
“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 Clark Khayat, group head of KeyBank Enterprise Commercial Payments.
Earlier this month, AvidXchange broke ground on its new headquarters at the NC Music Factory in uptown Charlotte.
The firm also recently closed a $225 million funding round, led by Bain Capital Ventures with contributions from banks including KeyBank. The funding will help finance AvidXchange’s expansion plans. Last year the company said it plans to create more than 600 new jobs at its new headquarters.
Katherine Peralta: 704-358-5079, @katieperalta
This story was originally published September 24, 2015 at 7:52 AM with the headline "Charlotte-based AvidXchange partners with KeyBank."