CHARLOTTE, N.C., June 27, 2017 /PRNewswire/ -- AvidXchange™, a leading fintech provider of accounts payable and payment automation for midsize companies, announced today that it has added three new board members from Mastercard, CDPQ, and Temasek as part of closing $300 million in Series F financing with contributions from Caisse de dépôt et placement du Québec (CDPQ), Mastercard, Temasek, and Peter Thiel.
The group of investors assembled for this transaction reflect the growing interest in the fintech sector, and the new board additions will provide invaluable leadership for AvidXchange as the company continues its rapid growth. Colleen Taylor, Executive Vice President of New Payments at Mastercard, and Nicolas Westphal, Head of Technology Private Equity at CDPQ, will join AvidXchange's board, and Jane Atherton, Managing Director for Temasek, will join as a board advisor.
"We are thrilled with the new additions to our board, who will empower us to continue to make bold business decisions to serve midsize businesses and help us to scale our operations as we maintain focus on delivering a great customer experience," commented Michael Praeger, CEO and Co-Founder of AvidXchange. "The perspectives that our new board members will provide is paramount to us as we continue to make strategic business decisions. We are so honored to have Colleen Taylor and Nicolas Westphal join us as board members, and Jane Atherton to join us as a board advisor. This esteemed group has a wealth of knowledge in payments and technology that will serve us well," added Praeger.
The company's new board representatives join an already deeply experienced group of directors, including Nigel Morris, former President of Capital One; Matt Harris, Managing Director of Bain Capital Ventures; Brad Feld, Managing Director of Foundry Group; Steve McLaughlin, Founder and CEO of FT Partners; Jim Hausman, former CFO of CT Communications; Hans Morris, former President of Visa; and Michael Praeger, Co-Founder and CEO of AvidXchange.
"I'm excited to join AvidXchange's board and help support the company as it enters another phase of growth," said Nicolas Westphal, Head of Technology Private Equity at CDPQ. "CDPQ's network and resources will benefit the company as it expands its product offering to new regions. Our two organizations will work together to further develop AvidXchange's customer base, add new verticals and grow the company as the leading provider of electronic invoicing and payment solutions for mid-market companies."
About Colleen Taylor
Colleen Taylor is Executive Vice President, New Payments, at Mastercard. In this role, she is responsible for driving volume growth from B2B, Government and new economy (P2P, C2B, B2C, BlockChain, etc.) sources. Colleen joined Mastercard from Capital One, where she most recently served as head of Treasury Management and Enterprise Payments. She was also the Market President for Brooklyn & Queens. Colleen has had a successful career in finance with various positions at Wachovia Bank/Wells Fargo and J.P. Morgan in the US and the UK. She is a Spelman College graduate and received her MBA from The Wharton School at the University of Pennsylvania. Colleen chairs the Samaritan Village Daytop Foundation Board, serves on the board of Year-Up New York and is a trustee of Spelman College, her alma mater.
About Jane Atherton
Jane Atherton recently joined Temasek from Citigroup Global Markets where she was Managing Director responsible for financial technology coverage and led the bank's coverage efforts of payment and financial processing businesses. Jane has a broad range of advisory experience including M&A, equity and fixed income transactions. Selected recent transactions include advising MasterCard on their recent acquisition of Vocalink and Ant Financial on its pending acquisition of MoneyGram.
About Nicolas Westphal
Nicolas Westphal is Head of Technology Private Equity outside Quebec for CDPQ, a leading Canadian institutional investor with C$270 billion under management. His experience includes five years in Silicon Valley where he was Director of Strategy & Corporate Development for Intuit, the leading financial and accounting software provider for small businesses, and for Juniper Networks, the leading provider of software-oriented networking products. Prior to Silicon Valley, he worked for nine years in private equity for both AEA Investors and Bain Capital. He managed investment processes in US, Europe and Asia, and actively participated on four Boards of Directors. Nicolas started his career with the New York office of the Boston Consulting Group in the technology & financial services practices. He's a graduate from MIT in technology & policy and from Ecole Polytechnique in Paris.
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte's Fast 500 this past year, and recently was named of the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@AvidXchange.com.
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