Mastercard Announces Strategic Partnership with AvidXchange

On June 8, 2017, Mastercard, a leading technology company in the global payments industry, announced its strategic partnership with AvidXchange, an industry leader in automating invoice and payment processes, and its creation of the Mastercard B2B Hub (with AvidXchange as its execution partner for such intitiative). The Mastercard B2B Hub is an innovative solution that enables small and midsized businesses to optimize their invoice and payment processes with accounts payable and payment automation tools. In addition to the partnership, Mastercard announced that it has agreed to take a minority stake in AvidXchange as part of AvidXchange's $300 million Series F financing. Wilson Sonsini Goodrich & Rosati represented Mastercard with respect to its investment in AvidXchange's Series F financing.

The WSGR team that represented Mastercard in the financing included partners Marty Korman and Sacha Ross and associate Jeff Laretto.

For more information, please see Mastercard's press release.