FastPay becomes a part of AvidXchange
By Pavithra R
AvidXchange, a FinTech provider of accounts payable (AP) and payment automation solutions for the middle market, has announced that FastPay, a leading provider of payments automation solutions for the media industry, is joining the company.
Under the deal, AvidXchange is expanding its portfolio of automated payments technologies and services to middle-market companies across the media landscape in the U.S.
Founded in 2009, FastPay leverages proprietary technology and analytics to offer a portfolio of solutions with access to more than 70,000 media suppliers in its database. The firm addresses inefficient payment processes and extended payment terms experienced across the industry by brands, agencies and media suppliers.
“FastPay’s expertise and purpose-built set of payments automation solutions for the media industry are what excited us about the potential to have FastPay become a part of AvidXchange. We work hard to identify companies that service specific verticals across the middle market, with an interest in those that have developed and continue to enhance their technologies to better the day-to-day finance operations of its customers. This is exactly what FastPay delivers, supported by a very talented team with deep media industry expertise,” said Michael Praeger, CEO and Co-Founder of AvidXchange.
With the transaction, FastPay will now be known as “FastPay, an AvidXchange company”, making it the newest business to join the AvidXchange family, and will be led by Secil Baysal, who will take on the role of SVP/GM of Media.
“We’ve spent more than 10 years developing our products based on the needs of the evolving media industry landscape, and we’re thrilled to join the AvidXchange family as the next step in our continued growth. FastPay and AvidXchange share similar core values with relentless focus on the success of both our clients and teammates,” said Jed Simon, CEO of FastPay.
Founded in the year 2000, AvidXchange provides automating invoice and payment processes for mid-market businesses. The company’s solution portfolio includes Purchase Order Software, Automated Invoice Management Software, Bill Payment Software, Check Printing Software, Utility Bill Management Software.