Fintech One•On•One Michael Praeger of AvidXchange on building the leading accounts payable automation platform
Account payable automation software is one of those areas of fintech that doesn't get as much coverage as it should. Creating an efficient accounts payable system is a pain point for pretty much every company, but particularly for those businesses occupying the middle market. This is the opportunity that our guest today seized upon when starting his company nearly 25 years ago.
My next guest on the Fintech One-on-One podcast is Michael Praeger, the CEO, Chairman and Co-Founder of AvidXchange. Mike founded his company all the way back in April 2000 and it is been through several phases in its growth to where it is today. It took them 10 years to get to $10 million in revenue but in the following decade they went from $10 million to $400 million. And then he took the company public. How he was able to do this makes for a really interesting discussion.
In this podcast you will learn:
- The catalyst that led to the founding of AvidXchange in 2000.
- How they were able to grow over 30% a year for 12 years in a row.
- What excites Mike is the business today.
- Why they decided to raise a large amount of money in 2015.
- How he describes the different components of their business.
- The huge number of accounting systems they integrate with.
- Why they focused on the middle market and have not gone after small businesses.
- The core benefit they are bringing to the table.
- How Avid Pay Direct is able to enhance a standard ACH payment.
- Why cross border payments is not a major part of their business.
- Why middle market companies are not focused on speed of the payment.
- Examples of how they are using AI in their systems today.
- How being a public company has changed AvidXchange.
- Why he decided to start his own podcast and what it is about.
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