AvidXchange Enters AR Side Of B2B Payments

AvidXchange has primarily focused on accounts payable solutions for the mid-market, but its latest announcement suggests plans to enter the AR side of the B2B transaction.

The company revealed Thursday (Feb. 16) that it is rolling out new solutions for suppliers with the launch of AvidXchange Cashflow Manager. According to the company, the new tools are a result of AvidXchange’s own growth and decision to provide solutions to its own customers’ customers. Currently, more than 300,000 suppliers operate on the AvidXchange platform, it said, to process invoice and payments.

The new services enable suppliers to access invoice and payment information, including receivables status. AvidXchange is also providing a payment advancement feature, dubbed Invoice Accelerator, that finances an unpaid invoice.

In addition to the new supplier-focused services, the company said it has expanded its staff, as well as the number of employees that service suppliers.

“AvidXchange’s buyer customers are highly dependent on quality and timely services from their many suppliers to run their businesses,” said the firm’s SVP of supplier financing offerings, Serdar Dincaslan, in a statement. “AvidXchange Cash Flow Manager was developed to enhance the customer-supplier relationships and foster deeper connections.”

Dincaslan was recently brought onto the AvidXchange team from Capital One, the company said.

AvidXchange raised new venture capital late last year to the tune of $18 million. The funding round, announced in November, was led by Fifth Third Capital and saw participation from Pivot Investment Partners. A year prior, AvidXchange secured a massive investment round that hit $225 million, which was led by Bain Capital and several other backers.