Brick and mortar KeyBank announced a strategic partnership and minority investment in AvidXchange, a leader in accounts payable automation solutions. Charlotte-based AvidXchange recently completed a $225 million minority growth financing led by Bain Capital Ventures, with contributions from Foundry Group, NYCA Partners, KeyBank, Square 1 Bank and TPG Special Situations Partners.
“We consider KeyBank to be one of the most innovative banks in the country and we’re thrilled to have them as both an investor and partner. From the outset, they’ve had a strong commitment to the partnership and a team truly focused on delivering a great client experience. It’s a win for AvidXchange, KeyBank and, most importantly, our collective client base,” said AvidXchange CEO and Co-Founder Michael Praeger.
This collaboration marks the most recent in a series of partnerships with emerging Fintech providers, solidifying Cleveland-based Key’s commitment to deliver innovative products and services to market.
“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,” commented Group Head of KeyBank Enterprise Commercial Payments Clark Khayat. “That’s why we canvass the FinTech landscape to find the emerging technologies, like AvidXchange, that are true differentiators. The success we’ve had with these partnerships demonstrates that our clients trust us to find the right solutions, especially when they complement our core services so well.”
The AvidXchange platform will allow Key’s clients to utilize end-to-end digital capabilities. The SaaS-based platform, coupled with integrations into more than 100 of the most commonly used accounting systems, means companies will run immediately, with less need for heavy IT resources.
“Combining our investment along with the strategic partnership is a critical aspect, because it fully aligns Key’s interests with AvidXchange and ensures an integrated view of the product roadmap and client experience,” indicated KeyBank Enterprise Commercial Payments Head of Product & Innovation Ken Gavrity.