KeyBank announced a strategic partnership and minority investment in accounts payable automation provider AvidXchange. The AvidXchange platform will replaces a traditionally paper-based process with end-to-end digital capabilities.

The SaaS based nature of the platform, coupled with integrations into more than 100 of the most commonly used accounting systems, means companies are able to get up and running immediately, with little need for heavy IT resources.

“Our strategy centers around targeting the customers we want to do business with and delivering them best-in-class solutions that truly make their businesses better,” said Clark Khayat, group head of KeyBank Enterprise Commercial Payments. “That’s why we canvass the FinTech landscape to find the emerging technologies, like AvidXchange, that are true differentiators.  The success we’ve had with these partnerships demonstrates that our clients trust us to find the right solutions, especially when they complement our core services so well.”

AvidXchange recently completed a $225 million minority growth financing led by Bain Capital Ventures, with contributions from Foundry Group, NYCA Partners, KeyBank, Square 1 Bank and TPG Special Situations Partners.

“We consider KeyBank to be one of the most innovative banks in the country and we’re thrilled to have them as both an investor and partner,” said Michael Praeger, AvidXchange CEO. “From the outset, they’ve had a strong commitment to the partnership and a team truly focused on delivering a great client experience. It’s a win for AvidXchange, KeyBank and, most importantly, our collective client base.”