Mastercard Inc MA and PayPal Holdings Inc PYPL co-founder Peter Thiel-backed business payments processor, AvidXchange Inc, engaged investment banks, including Goldman Sachs Group Inc GS, for an initial public offering (IPO) potentially valuing the company over $7 billion, Reuters reports.
- The AvidXchange business received a massive boost from lockdown-induced digital solutions embracement by smaller companies.
- The company aims to list on the stock exchange in the second quarter.
- Goldman, JPMorgan Chase & Co JPM, Bank Of America Corp BAC, and Barclays PLC BCS are the IPO arrangers.
- Reportedly, AvidXchange could be valued between $5 billion and $7 billion in an IPO, possibly stretching to even $10 billion from the strong investor appetite for payments companies, exceeding the $2 billion valuations based on the April 2020 private fundraising round.
- AvidXchange’s peers Bill.Com Holdings Inc BILL and Coupa Software Inc COUP have gained over 300% and 89% respectively in the last year amid the financial technology boom.
- Earlier this month, Swedish payments firm Klarna announced a new funding round at almost triple valuation.
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