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FastPay
FastPay operates as a product line and division within AvidXchange, Inc., following an acquisition that brought its media-focused accounts payable...
FastPay
FastPay operates as a product line and division within AvidXchange, Inc., following an acquisition that brought its media-focused accounts payable capabilities into the broader AvidXchange ecosystem. AvidXchange, co-founded by Michael Praeger in 2000, is headquartered in Charlotte, North Carolina, and has scaled to a public company processing transactions for more than 8,000 customers and 1.5 million suppliers. FastPay's specialized technology addresses payment workflows for media buyers and sellers, adding a vertical-specific tool to AvidXchange's horizontal AP automation platform. AvidXchange's platform spans core AP automation, an embedded payments network called AvidPay, and supplier-facing tools including virtual card, ACH, and check disbursement. The firm integrates with more than 200 accounting systems and ERPs, deploying AI to automate invoice capture and approval for middle-market finance teams. Confirmed portfolio additions through acquisition include Core Associates (TimberScan) and BankTEL Systems (AvidAscend), each bolting onto the AvidXchange platform. FastPay contributes media-payment workflows, deepening the vertical penetration in advertising and content-related spend. The firm's executive team is anchored by co-founder Michael Praeger as CEO and Dan Drees, elevated to President in January 2023. Drees previously served as Chief Growth Officer, steering expansion through organic vertical moves and the company's IPO. AvidXchange reports more than 1,500 employees and dual headquarters operations in Charlotte alongside the Santa Monica office housing the FastPay unit. Adjacent networks include the Young Presidents' Organization (YPO), of which Praeger is an active member, and board affiliations with Georgetown University's McDonough School of Business. AvidXchange's structural differentiator is its dual operating model: a public-market fintech delivering embedded AP tools directly to enterprises and through ERP partnerships, combined with a targeted M&A strategy that acquires vertical specialists like FastPay and Core Associates. Rather than consolidating back-office infrastructure, these acquisitions retain product identity under the AvidXchange umbrella, creating a shape distinct from a pure SaaS vendor or a single-family office — a platform assembled through serial, domain-specific acquisitions in the AP automation and payments space.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Santa Monica
Corporate office
Santa Monica, Los Angeles, United States
Principals
Michael Praeger
Chief Executive Officer and Co-Founder
Dan Drees
President
Sector focus
Frequently asked questions
Who runs investment and operational decisions at FastPay?
FastPay does not operate as an independent investment entity. It runs as a product division within AvidXchange, where strategic and operational decisions rest with CEO Michael Praeger and President Dan Drees. Drees, elevated in January 2023, is responsible for organizational agility and execution of growth initiatives across all acquired assets.
How does FastPay source its deal flow or customers?
FastPay gains customers through AvidXchange's existing distribution — integrating into the AvidXchange platform sold to middle-market finance teams. The parent firm markets directly to businesses and through ERP partners such as Acumatica. FastPay's media-payment workflows are cross-sold into AvidXchange's base of more than 8,000 companies, not sourced via a separate fund or allocation program.
Is FastPay structured as a single family office or a venture firm?
FastPay is neither a family office nor a venture firm. It is a product division of AvidXchange, a publicly traded fintech company (Nasdaq: AVDX) focused on accounts payable automation and payments. AvidXchange acquires complementary technologies like FastPay, Core Associates, and BankTEL to expand its vertical capabilities.
Does FastPay participate in fund commitments or direct investments?
FastPay itself does not make fund commitments or direct capital investments. Its parent, AvidXchange, deploys capital through corporate M&A and strategic partnerships. The acquisitions of FastPay, Core Associates, and BankTEL reflect a buy-and-integrate product strategy, not an investment program for third-party fund managers.
What is FastPay's relationship to AvidXchange?
FastPay is an acquired subsidiary and product line of AvidXchange, Inc., a Charlotte-based public company processing AP transactions for mid-market businesses. The FastPay team operates from Santa Monica, California, providing media-specific invoice and payment automation that plugs into the broader AvidXchange platform, which serves 1.5 million suppliers and over 200 integrated accounting systems.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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