TPG and Corpay to acquire AvidXchange: A new chapter in corporate B2B payments

This week’s announcement that TPG and Corpay (formerly Fleetcor) will acquire AvidXchange in a $2.2 billion take-private transaction marks a significant moment in the evolution of the corporate B2B payments market. The move underscores the growing strategic importance of accounts payable (AP) automation and managed services, particularly in the underserved middle market.

Under the terms of the deal, the private equity firm TPG will take a majority stake in AvidXchange, while Corpay will invest $500 million for a 33% minority position, with the option to acquire the remainder in 2028. For Corpay, this acquisition enhances its strategic shift toward enterprise payment flows, continuing a long-standing trend of expanding beyond its origins in commercial fuel, fleet cards and general corporate payments.

AvidXchange, founded in 2000 and headquartered in Charlotte, North Carolina, has established itself as a leading AP automation provider that serves mid-market companies in the US. With more than 7,000 buyers and over 825,000 suppliers on its network, the company offers a comprehensive platform that blends SaaS technology with managed payment execution, supplier onboarding services and deep ERP integrations. It processes over 70 million transactions annually and supports more than 150 accounting systems, a critical advantage in the fragmented mid-market ERP landscape.

Corpay, on the other hand, has spent the last decade acquiring and integrating a broad set of B2B payment and automation capabilities. These include Comdata, Cambridge Global Payments, NvoicePay and AFEX. Each serves a distinct purpose: Comdata in virtual card issuance and travel spend; Cambridge and AFEX in cross-border payments and FX risk management; NvoicePay as a managed payments provider focused on AP. More recently, Corpay expanded further into AP automation and invoice orchestration with the acquisitions of Roger, a global AP software platform for SMBs, and Accrualify, a solution focused on accrual automation, spend request workflows and PO management. These acquisitions form the foundation of Corpay’s strategy to build a modular, yet deeply integrated, corporate payments stack.

AvidXchange complements this growing portfolio by bringing a fully integrated AP automation suite with embedded payment execution capabilities. While Corpay has acquired strong point solutions, AvidXchange offers an end-to-end AP platform already proven at scale in the US mid-market, with managed services layered on top of technology, a strong supplier network and vertical specialization.

The acquisition reflects a larger convergence under way in the market, with fintechs in the B2B payments space increasingly competing with AP automation vendors and vice versa. As the lines blur between ERP-adjacent automation and payments execution, buyers are demanding solutions that combine automation, compliance, integration and control, without the fragmentation of managing multiple vendors.

That said, integration risk will be a critical factor. Corpay’s current B2B stack is broad but not yet deeply unified, and AvidXchange operates with a strong managed service orientation. Achieving synergy, particularly across technology architecture, customer experience, and risk and compliance functions, will be essential for long-term value creation.

From an industry perspective, the acquisition signals a maturing market. AP automation is no longer a back-office improvement initiative; it is becoming a strategic control point in the broader digitization of finance and procurement. With access to capital, cross-sell opportunities and a growing mid-market customer base, Corpay and AvidXchange are well-positioned to challenge traditional banks and more narrowly focused fintechs.

The real question now is whether they can integrate quickly and intelligently enough to deliver on that promise.

To learn more about AvidXchange’s capabilities, market fit and opportunities, read our in-depth two-part vendor analysis:

Part 1: AP Automation Solution Overview

Part 2: Strengths, Competitive Landscape, and Analyst Summary