TPG and Corpay Acquire Payments Platform AvidXchange for $2.2 Billion

AvidXchange, a leading accounts payable and B2B payments automation platform, was acquired in a $2.2 billion deal by TPG and Corpay. TPG, through its private equity arm, gained majority control of the company, while Corpay, a global corporate payments firm, took a 33% minority stake. AvidXchange provides automated invoice processing and payment execution services to mid-market businesses, making it a key piece of embedded finance infrastructure for B2B workflows.

The transaction underscores strong investor interest in payments automation and embedded finance at a time when businesses increasingly seek integrated financial services within their operational software. Corpay's minority stake suggests a strategic interest in combining its corporate payments capabilities with AvidXchange's platform. The deal was among the largest fintech M&A transactions announced in May 2025.

The acquisition takes AvidXchange private, potentially giving it more flexibility to invest in product development and partnerships.