AvidXchange™, a leading fintech provider of accounts payable (AP) and payment automation solutions for midsize companies, was named a Global Unicorn by CB Insights in its latest Market Map highlighting private companies around the world valued at $1 billion or more. AvidXchange is one of only 24 U.S.-based fintech companies to make the list.
“This designation is an incredible honor and testament to our work here at AvidXchange,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “Customers know the value of our products, and investors and partners recognize the value of our business. We’re in good company on this list and look forward to what the future holds for us as the fintech industry continues to evolve.”
The CB Insights Market Map is comprised of 310 organizations from around the world, with the U.S. leading in share at 49 percent of the directory. In addition to fintech, categories range from internet software services and e-commerce to healthcare and data analytics.
According to CB Insights’ 2019 Fintech Trends to Watch, which delves deeper into the industry landscape:
- Fintech is growing: 2018 venture capital-backed fintech deals set an annual record with 15 percent more deals year-over-year and investment topping $39 billion. AvidXchange is also growing, having made 9.5 million payments in 2018 versus 8.9 million payments the previous year.
- Fintech unicorns are a sizeable force: The 39 fintech unicorns globally are worth around $147 billion combined. AvidXchange is sizeable and thriving, with plans to double headcount at its corporate headquarters and invest $35 million in its Greater Salt Lake City operations.
- Fintech is increasing its intersection with real estate: Noted as a trend to watch in 2019, AvidXchange is ahead of the curve with its established presence in real estate and solutions designed specifically to help companies automate accounts payable processes, eliminate paper and realize more strategic value from their workforce.
Since initially joining the unicorn club in 2017, AvidXchange continues to allocate more resources toward advancing its products and talent to capitalize on market trends and think innovatively about the shifting role of finance.
CB Insights is a technology market intelligence platform that relies on big data, analysts and a global network of executives to evaluate investors, companies and industries. View the complete list of CB Insight’s Global Unicorns here.
About AvidXchange™
Founded in the year 2000, AvidXchange transforms the way companies pay their bills. Trusted by more than 5,500 customers throughout North America, AvidXchange is the industry leader in automating invoice and payment processes across the real estate, HOA, construction, and healthcare industries. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S., offering a complete solution designed to help mid-market businesses modernize operations and embrace the future of finance. For more information, visit www.AvidXchange.com.
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SOURCE AvidXchange
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