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AVIDXCHANGE REVS RISE 36.6 PERCENT Featured

Newly public AvidXchange nearly doubled its loss on a 36.5-percent rise in revenue for the third quarter ended September 30. The payments company posted a loss of $35.5 million for the most recently ended quarter, up from $17.9 million in red ink a year ago.

Revenue was $65.2 million, an increase from $47.6 million in last year’s corresponding period. Last month’s IPO involved the sale of 26.400,000 shares at $25 million per share for a total offering valued at $660 million. Proceeds to the company before expenses were $620.4 million. The company’s revenue for 2020 was $185.9 million, an increase of 24.2 percent from $149.6 million for 2019. The company expects revenue for 2021 to reach $244.5 million to $255.5 million, a 24-percent increase over the prior year at the low end of the estimate. During the most recently ended quarter, AvidXchange acquired Fast Pay, which serves the media industry and named Joseph Fox as chief product officer.

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