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Funding Round Could Give AvidXchange $2B Valuation

PYMNTS

Investment bank Financial Technology Partners is advising AvidXchange on this fundraising round, according to sources. Founded in 2000 by CEO Michael Praeger, the Charlotte, North Carolina-based firm provides software that automates payments, invoicing and accounting for small and mid-sized businesses (SMBs).

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Top News In Payments: House Committee Holds RTP Hearing; DoorDash Reveals May Data Breach

PYMNTS

House Committee on Financial Services Task Force on Financial Technology held a hearing to talk about the FedNow development and its U.S. Sam’s Club is teaming with Humana and other firms to offer discounts on healthcare services to members in Pennsylvania, Michigan and North Carolina.

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The 2023 GonzoBanker Awards

Gonzobanker

Meanwhile, technology changes continued at a breakneck pace, with generative AI the biggest topic around management tables. The specifics are unclear, but bankers recognized that this will be an absolute game-changing technology in future years, and delivery will change in ways we can’t even conjure yet.

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Is a cashless future all that it seems?

NCR

It would therefore seem to be “full steam ahead” with banks and the financial technology industry and media on the benefits of cashless, when reading many of these articles. Faster payments still only account for 2.7% of the volume of transactions, though they are gathering pace. Concerns remain about cashless society.

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37 Corporate Innovation Labs In Finance

CB Insights

DBS launched its Singapore innovation lab to break out of its “traditional banking mindset to think, behave, and deliver more like a technology company,” according to Neal Cross, chief innovation officer. Fidelity — Fidelity Center for Applied Technology (FCAT) and Fidelity Labs. Founded: 1999 and 2005.

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Fintech Fundings: 23 Companies Raise $120 Million Week Ending Oct 30

Fintech Labs Insights

HQ: Durham, North Carolina. Clarus Financial Technology. Source: Crunchbase. Payment software for marketplaces & platforms. Latest round: $2.5 million Series A. Total raised: $4.7 Source: Finovate. Accounts receivables management. Latest round: $1.4 million Seed. Total raised: $1.4 Blockchain-based notary service.

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Fintech Fundings: 23 Companies Raise $685 Million Week Ending Dec 18

Fintech Labs Insights

Diversified financial technology provider. HQ: Charlotte, North Carolina. Blockchain technology for businesses. Latest round: $11.2 million Series A. Total raised: $12.2 HQ: Foster City, California. Source: Crunchbase. FinTech Group. Latest round: $11 million Post-IPO equity. Total raised: Unknown. million Seed.

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