American payment automation company AvidXchange has raked in an additional $128m in equity capital for accounts payable platform.

This an extension of the $260m funding round the company closed in January.

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The latest funding round was joined by Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients.

This marks Lone Pine Capital, Neuberger Berman and Schonfeld Strategic Advisors’ first investment in the payment automation company.

AvidXchange said that it will use the proceeds to conduct strategic growth initiatives and continued innovation.

AvidXchange focuses on  automating invoice and payment processes. The company processes over $140bn transactions per year across its network of more than 600,000 suppliers.

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AvidXchange co-founder and CEO Michael Praeger said: “With only 40% of US businesses automating their accounts payable processes, we continue to solve a real problem for companies that still rely on paper invoices and checks, fundamentally changing the way they pay their bills.

“This has become even more evident as we see businesses implementing continuity plans and shifting to work from home models, making automation essential to support mission critical processes and keep operations running.”

The latest funding round brings the total funding raised by the company to $388m.

Pivot Investment Partners co-founder and partner Dinkar Jetley said: “We recognised the impact that AvidXchange could have on the B2B payments market prior to our initial investment in 2016 and are doubling down on our partnership as the adoption of automation technology continues to accelerate.