0000950170-21-004742 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 12, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	AvidXchange Holdings, Inc.
Entity Central Index Key	0001858257
Entity File Number	001-40898
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3391192
Entity Address, Address Line One	1210 AvidXchange Lane
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28206
City Area Code	800
Local Phone Number	560-9305
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	AVDX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,213,041

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 150,944	$ 252,458
Restricted funds held for customers	870,773	137,620
Accounts receivable, net of allowances of $1,907 and $1,769, respectively	30,135	24,757
Supplier advances receivable, net of allowances of $808 and $1,099, respectively	11,551	8,855
Prepaid expenses and other current assets	13,042	8,626
Total current assets	1,076,445	432,316
Property and equipment, net	83,152	86,872
Operating lease right-of-use assets	3,467	3,139
Deferred customer origination costs, net	26,309	24,124
Goodwill	160,987	105,696
Intangible assets, net	103,753	72,442
Other noncurrent assets and deposits	4,534	1,922
Total assets	1,458,647	726,511
Current liabilities
Accounts payable	17,204	25,418
Accrued expenses	59,573	40,472
Payment service obligations	870,773	137,620
Deferred revenue	8,872	6,309
Current portion of contingent consideration	950
Current maturities of lease obligations under finance leases	815	1,092
Current maturities of lease obligations under operating leases	1,037	1,147
Current maturities of long-term debt	1,000	1,000
Total current liabilities	960,224	213,058
Long-term liabilities
Deferred revenue, less current	12,899	1,661
Contingent consideration, less current portion	70
Obligations under finance leases, less current maturities	73,383	73,139
Obligations under operating leases, less current maturities	3,708	3,750
Long-term debt	101,682	98,446
Other long-term liabilities	29,553	14,939
Total liabilities	1,181,519	404,993
Commitments and contingencies
Convertible preferred stock, $0.001 par value; 40,472,166 shares authorized as of September 30, 2021 and December 31, 2020; 30,081,996 shares issued and outstanding as of September 30, 2021 and December 31, 2020; and liquidation preference of $884,842 as of September 30, 2021 and December 31, 2020	847,042	832,625
Stockholders' deficit
Common stock, $0.001 par value; 340,000,000 shares authorized as of September 30, 2021 and 240,000,000 shares authorized as of December 31, 2020; 57,600,488 shares issued and outstanding as of September 30, 2021 and 50,054,880 shares issued and outstanding as of December 31, 2020	58	50
Additional paid-in capital	229,853	161,116
Accumulated deficit	(799,825)	(672,273)
Total stockholders' deficit	(569,914)	(511,107)
Total liabilities, convertible preferred stock and stockholder's deficit	$ 1,458,647	$ 726,511

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 1,907	$ 1,769
Receivable, allowance for credit loss, current	$ 808	$ 1,099
Temporary equity, par or stated value per share	$ 0.001	$ 0.001
Temporary equity, shares authorized	40,472,166	40,472,166
Temporary equity, shares issued	30,081,996	30,081,996
Temporary equity, shares outstanding	30,081,996	30,081,996
Temporary equity, liquidation preference	$ 884,842	$ 884,842
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	340,000,000	240,000,000
Common stock, shares, issued	57,600,488	50,054,880
Common stock, shares, outstanding	57,600,488	50,054,880

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenues	$ 65,176	$ 47,600	$ 179,144	$ 133,065
Cost of revenues (exclusive of depreciation and amortization expense)	25,792	20,972	71,343	61,638
Operating expenses
Sales and marketing	16,118	11,763	44,176	35,279
Research and development	15,672	11,055	43,225	32,156
General and administrative	15,564	10,357	45,498	30,813
Impairment and write-off of intangible assets			574	924
Depreciation and amortization	8,164	6,953	22,334	20,733
Total operating expenses	55,518	40,128	155,807	119,905
Loss from operations	(16,134)	(13,500)	(48,006)	(48,478)
Other income (expense)
Interest income	35	613	332	1,590
Interest expense	(4,874)	(5,039)	(14,985)	(15,016)
Change in fair value of derivative instrument	(14,552)		(14,690)	(6,545)
Charge for amending financing advisory engagement letter - related party			(50,000)
Other expenses	(19,391)	(4,426)	(79,343)	(19,971)
Loss before income taxes	(35,525)	(17,926)	(127,349)	(68,449)
Income tax expense	2	58	203	175
Net loss	(35,527)	(17,984)	(127,552)	(68,624)
Accretion of convertible preferred stock	(5,012)	(5,577)	(14,417)	(15,996)
Net loss attributable to common stockholders	$ (40,539)	$ (23,561)	$ (141,969)	$ (84,620)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.71)	$ (0.42)	$ (2.60)	$ (1.73)
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted	57,174,627	55,721,646	54,617,200	48,855,189

Unaudited Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Convertible Preferred Stock Beginning Balance, Shares at Dec. 31, 2019		29,007,861
Convertible Preferred Stock Beginning Balance at Dec. 31, 2019		$ 720,835
Beginning Balance, Shares at Dec. 31, 2019			44,014,700
Beginning Balance at Dec. 31, 2019	$ (411,782)		$ 44	$ 11,799	$ (423,625)
Exercise of stock options and warrants, Shares			20,884
Exercise of stock options and warrants	38			38
Stock-based compensation	266			266
Vesting of warrants issued in connection with consulting services	50			50
Convertible Preferred Stock, Accretion of convertible preferred stock		$ 5,029
Accretion of convertible preferred stock	(5,029)			(4,804)	(225)
Net loss	(26,891)				(26,891)
Convertible Preferred Stock Ending Balance, Shares at Mar. 31, 2020		29,007,861
Convertible Preferred Stock, Ending Balance at Mar. 31, 2020		$ 725,864
Ending Balance, Shares at Mar. 31, 2020			44,035,584
Ending Balance at Mar. 31, 2020	(443,348)		$ 44	7,349	(450,741)
Convertible Preferred Stock Beginning Balance, Shares at Dec. 31, 2019		29,007,861
Convertible Preferred Stock Beginning Balance at Dec. 31, 2019		$ 720,835
Beginning Balance, Shares at Dec. 31, 2019			44,014,700
Beginning Balance at Dec. 31, 2019	(411,782)		$ 44	11,799	(423,625)
Stock-based compensation	852
Convertible Preferred Stock, Accretion of convertible preferred stock	15,996
Net loss	(68,624)
Convertible Preferred Stock Ending Balance, Shares at Sep. 30, 2020		31,048,177
Convertible Preferred Stock, Ending Balance at Sep. 30, 2020		$ 830,463
Ending Balance, Shares at Sep. 30, 2020			62,462,624
Ending Balance at Sep. 30, 2020	(287,887)		$ 62	204,525	(492,474)
Convertible Preferred Stock Beginning Balance, Shares at Mar. 31, 2020		29,007,861
Convertible Preferred Stock Beginning Balance at Mar. 31, 2020		$ 725,864
Beginning Balance, Shares at Mar. 31, 2020			44,035,584
Beginning Balance at Mar. 31, 2020	(443,348)		$ 44	7,349	(450,741)
Exercise of stock options and warrants, Shares			354,448
Exercise of stock options and warrants	1,052			1,052
Stock-based compensation	307			307
Vesting of warrants issued in connection with consulting services	51			51
Common shares issuance, net, Shares			2,898,024
Common shares issuance, net	33,153		$ 3	33,150
Convertible Preferred Stock, Series F preferred issuance, net, Shares		2,040,316
Convertible Preferred Stock, Series F preferred issuance, net		$ 93,632
Convertible Preferred Stock, Accretion of convertible preferred stock		$ 5,390
Accretion of convertible preferred stock	(5,390)			(5,390)
Net loss	(23,749)				(23,749)
Convertible Preferred Stock Ending Balance, Shares at Jun. 30, 2020		31,048,177
Convertible Preferred Stock, Ending Balance at Jun. 30, 2020		$ 824,886
Ending Balance, Shares at Jun. 30, 2020			47,288,056
Ending Balance at Jun. 30, 2020	(437,924)		$ 47	36,519	(474,490)
Exercise of stock options and warrants, Shares			84,572
Exercise of stock options and warrants	252			252
Stock-based compensation	279			279
Common shares issuance, net, Shares			15,089,996
Common shares issuance, net	173,067		$ 15	173,052
Convertible Preferred Stock, Accretion of convertible preferred stock	5,577	$ 5,577
Accretion of convertible preferred stock	(5,577)			(5,577)
Net loss	(17,984)				(17,984)
Convertible Preferred Stock Ending Balance, Shares at Sep. 30, 2020		31,048,177
Convertible Preferred Stock, Ending Balance at Sep. 30, 2020		$ 830,463
Ending Balance, Shares at Sep. 30, 2020			62,462,624
Ending Balance at Sep. 30, 2020	$ (287,887)		$ 62	204,525	(492,474)
Convertible Preferred Stock Beginning Balance, Shares at Dec. 31, 2020	30,081,996	30,081,996
Convertible Preferred Stock Beginning Balance at Dec. 31, 2020	$ 832,625	$ 832,625
Beginning Balance, Shares at Dec. 31, 2020	50,054,880		50,054,880
Beginning Balance at Dec. 31, 2020	$ (511,107)		$ 50	161,116	(672,273)
Issuance of common stock in connection with amended agreement - related party, Shares			4,080,636
Issuance of common stock in connection with amended agreement - related party	50,000		$ 4	49,996
Exercise of stock options and warrants, Shares			181,332
Exercise of stock options and warrants	540			540
Stock-based compensation	847			847
Convertible Preferred Stock, Accretion of convertible preferred stock		$ 4,602
Accretion of convertible preferred stock	(4,602)			(4,602)
Net loss	(70,026)				(70,026)
Convertible Preferred Stock Ending Balance, Shares at Mar. 31, 2021		30,081,996
Convertible Preferred Stock, Ending Balance at Mar. 31, 2021		$ 837,227
Ending Balance, Shares at Mar. 31, 2021			54,316,848
Ending Balance at Mar. 31, 2021	$ (534,348)		$ 54	207,897	(742,299)
Convertible Preferred Stock Beginning Balance, Shares at Dec. 31, 2020	30,081,996	30,081,996
Convertible Preferred Stock Beginning Balance at Dec. 31, 2020	$ 832,625	$ 832,625
Beginning Balance, Shares at Dec. 31, 2020	50,054,880		50,054,880
Beginning Balance at Dec. 31, 2020	$ (511,107)		$ 50	161,116	(672,273)
Convertible Preferred Stock, Accretion of convertible preferred stock	$ 14,417
Convertible Preferred Stock Ending Balance, Shares at Sep. 30, 2021	30,081,996	30,081,996
Convertible Preferred Stock, Ending Balance at Sep. 30, 2021	$ 847,042	$ 847,042
Ending Balance, Shares at Sep. 30, 2021	57,600,488		57,600,488
Ending Balance at Sep. 30, 2021	$ (569,914)		$ 58	229,853	(799,825)
Convertible Preferred Stock Beginning Balance, Shares at Mar. 31, 2021		30,081,996
Convertible Preferred Stock Beginning Balance at Mar. 31, 2021		$ 837,227
Beginning Balance, Shares at Mar. 31, 2021			54,316,848
Beginning Balance at Mar. 31, 2021	(534,348)		$ 54	207,897	(742,299)
Exercise of stock options and warrants, Shares			286,964
Exercise of stock options and warrants	623			623
Stock-based compensation	1,105			1,105
Options issued in connection with bonus program	48			48
Convertible Preferred Stock, Accretion of convertible preferred stock		$ 4,802
Accretion of convertible preferred stock	(4,802)			(4,802)
Net loss	(21,999)				(21,999)
Convertible Preferred Stock Ending Balance, Shares at Jun. 30, 2021		30,081,996
Convertible Preferred Stock, Ending Balance at Jun. 30, 2021		$ 842,029
Ending Balance, Shares at Jun. 30, 2021			54,603,812
Ending Balance at Jun. 30, 2021	(559,373)		$ 54	204,871	(764,298)
Exercise of stock options and warrants, Shares			425,928
Exercise of stock options and warrants	1,460		$ 1	1,459
Common shares issued for acquisition, Shares			2,529,944
Common shares issued for acquisition	31,000		$ 3	30,997
Common stock issued as contingent consideration, Shares			40,804
Common stock issued as contingent consideration	500			500
Fair value of call option at acquisition	(4,118)			(4,118)
Stock-based compensation	1,157			1,157
Convertible Preferred Stock, Accretion of convertible preferred stock	5,012	$ 5,013
Accretion of convertible preferred stock	(5,013)			(5,013)
Net loss	$ (35,527)				(35,527)
Convertible Preferred Stock Ending Balance, Shares at Sep. 30, 2021	30,081,996	30,081,996
Convertible Preferred Stock, Ending Balance at Sep. 30, 2021	$ 847,042	$ 847,042
Ending Balance, Shares at Sep. 30, 2021	57,600,488		57,600,488
Ending Balance at Sep. 30, 2021	$ (569,914)		$ 58	$ 229,853	$ (799,825)

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (127,552)	$ (68,624)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization expense	22,334	20,733
Amortization of deferred financing costs	1,018	843
Provision for doubtful accounts	1,075	802
Stock-based compensation	3,109	852
Fair value adjustment of contingent consideration	140
Warrants vested in connection with consulting services		101
Accrued interest	811	889
Impairment on intangible and right-of-use assets	574	997
Loss on fixed asset disposal	3	3
Noncash expense on contract modification - related party	50,000
Fair value adjustment to derivative instrument	14,690	6,545
Deferred income taxes	162	136
Changes in operating assets and liabilities
Accounts receivable	(3,730)	(2,587)
Prepaid expenses and other current assets	(4,254)	(230)
Other noncurrent assets	(2,593)	349
Deferred customer origination costs	(2,185)	(2,558)
Accounts payable	(11,640)	2,039
Deferred revenue	13,801	432
Accrued expenses and other liabilities	3,401	8,416
Operating lease liabilities	(479)	(718)
Total adjustments	86,237	37,044
Net cash used in operating activities	(41,315)	(31,580)
Cash flows from investing activities
Purchases of equipment	(939)	(653)
Purchases of land		25
Purchases of intangible assets	(12,582)	(7,959)
Proceeds from sales of property and equipment	5
Acquisition of business, net of cash acquired	(45,963)
Contingent consideration and deferred obligation payments near acquisition date	(1,292)
Supplier advances, net	(3,467)	(1,883)
Net cash used in investing activities	(64,238)	(10,470)
Cash flows from financing activities
Proceeds from the issuance of long-term debt	2,288	3,328
Principal payments on finance leases	(872)	(1,258)
Proceeds from issuance of preferred and common stock	2,623	321,748
Transaction costs related to issuance of stock		(1,327)
Transaction costs related to issuance of stock - related party		(19,227)
Payment service obligations	733,153	34,157
Net cash provided by financing activities	737,192	337,421
Net increase in cash, cash equivalents, and restricted funds held for customers	631,639	295,371
Cash, cash equivalents, and restricted funds held for customers
Cash, cash equivalents, and restricted funds held for customers, beginning of year	390,078	276,973
Cash, cash equivalents, and restricted funds held for customers, end of period	1,021,717	572,344
Supplementary information of noncash investing and financing activities
Right-of-use assets obtained in exchange for new finance lease obligations	174	469
Right-of-use assets obtained in exchange for new operating lease obligations	877	163
Common stock issued in business combination	31,000
Common stock issued as contingent consideration	500
Initial fair value of contingent consideration and deferred payment obligation at acquisition date	2,672
Property and equipment purchases in accounts payable and accrued expenses	93
Interest paid on notes payable	7,619	7,929
Interest paid on finance leases	5,537	$ 5,355
Options issued in connection with bonus compensation	$ 48

Formation and Business of the Company

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Formation

AvidXchange, Inc. was incorporated in the state of Delaware in 2000. In July 2021, the Company consummated a reorganization by interposing a holding company between AvidXchange, Inc. and its stockholders. After the reorganization, all of the stockholders of AvidXchange, Inc. became stockholders of AvidXchange Holdings, Inc. and AvidXchange, Inc. became a wholly owned subsidiary of AvidXchange Holdings, Inc. To accomplish the reorganization, the Company formed AvidXchange Holdings, Inc., which was incorporated in Delaware on January 27, 2021, and AvidXchange Merger Sub, Inc. (“Merger Sub”) as a wholly owned subsidiary of AvidXchange Holdings, Inc. The Company merged AvidXchange, Inc. with and into Merger Sub, with AvidXchange, Inc. as the surviving entity, by issuing identical shares of stock of AvidXchange Holdings, Inc. to the stockholders of AvidXchange, Inc. in exchange for their equity interest in AvidXchange, Inc.

The merger was considered a transaction between entities under common control. Upon the effective date of the reorganization, July 9, 2021, AvidXchange Holdings, Inc. recognized the assets and liabilities of AvidXchange, Inc. at their carrying values within its financial statements.

AvidXchange Holdings, Inc. and its wholly owned subsidiaries are collectively referred to as “AvidXchange” or “the Company” in the accompanying consolidated financial statements after the reorganization.

Business

AvidXchange provides accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. The Company’s cloud-based, software and payment platform digitizes and automates the AP workflow for middle market businesses (AvidXchange’s “buyer” customers), and their service providers and vendors (AvidXchange’s “supplier” customers). The Company provides solutions and services throughout North America spanning multiple industries including real estate, homeowners associations (“HOA”), construction, financial services (including banks and credit unions), healthcare facilities, social services, education, and media.

AvidXchange’s software solutions are delivered primarily through a software-as-a-service (“SaaS”) platform that connects buyer customers using the Company’s AP automation products with a network of their vendors, including supplier customers that have enrolled in AvidXchange’s electronic payments network (the “AvidPay Network”). This platform provides a multitude of solutions including electronic invoice capture, intelligent workflow routing, and automated payments, which can provide AvidXchange’s buyer and supplier customers with reduced costs, improved productivity, and reduction of paper from the traditional AP and payment processes.

The Company markets its solutions to buyers through both a direct salesforce and indirectly through strategic channel partnerships with banks and financial institutions as well as software and technology business partners. AvidXchange attracts buyer customers to the AvidPay Network through establishing a simple, easy-to-use network that helps integrate various buyers through a standard invoice and pay network. Supplier customers are selected to join the AvidPay Network by their buyer clients.

AvidXchange has completed strategic acquisitions that have expanded the customer relationships available to subscribe to its payment services solutions and gain access to new markets. The operating activities of the legal entities acquired are fully interdependent and integrated with the AvidXchange operations. The Company views its operations and manages its business as one segment and one reporting unit.

In December 2020, AvidXchange acquired Core Associates Holdings, LLC (“Core Associates”), the maker of TimberScan, an AP approval processing and content management software that has enabled the Company to further expand into the construction sector.

In July 2021, AvidXchange acquired the equity interests of FastPay, a leading provider of payments automation solutions for the media industry. See Note 4 for information regarding business combinations.

On September 30, 2021, the Company effected a four-for-one forward stock split of all then-outstanding common stock, without any change in the par value per share, and a corresponding adjustment to the respective conversion prices for outstanding preferred stock and not shares of preferred stock outstanding. The Company has retroactively adjusted all share and per share amounts to reflect the stock split.

On October 15, 2021, the Company closed its initial public offering and its senior and redeemable preferred stock and warrants converted into shares of common stock. See Note 15 for information regarding these transactions.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Consolidation and Presentation

The accompanying unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations, changes in convertible preferred stock and stockholders’ deficit, and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The unaudited consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in the Company's final prospectus (the "Final Prospectus") filed with the SEC on October 14, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the "Securities Act").

Presentation of Convertible Preferred Stock

The Company’s convertible preferred stock is classified as mezzanine equity in the accompanying balance sheets separate from all other stockholders’ equity accounts that are classified as permanent equity (e.g., common stock and accumulated deficit). The purpose of this classification is to convey that such securities may not be permanently part of equity and could result in a demand for cash or other assets of the entity in the future based on passage of time or upon the occurrence of certain events outside of the Company’s control.

The Company’s convertible preferred stock is initially recorded at its original issuance price, net of issuance costs. The Company accreted the carrying amount of the convertible preferred stock using the interest method until January 2021 when it became probable that the instrument would not become redeemable, except for senior preferred stock which the Company continues to accrete. These increases are recorded as charges against retained earnings, if any. In the absence of retained earnings, the amounts are recorded against the available balance of additional paid-in capital that has been generated from cash transactions until reduced to zero and any additional amounts are charged to accumulated deficit. Changes in the redemption value or the redemption date are considered to be changes in accounting estimates.

Impact of the COVID-19 Pandemic

Notwithstanding current vaccinations and the gradual re-opening of the U.S. economy, the global COVID-19 pandemic, including the emergence of recently discovered variants that are thought to be more contagious (such as the increasingly widespread “Delta variant”), continues to adversely affect commercial activity and has contributed to significant volatility in the financial markets which may continue.

The Company’s revenue was adversely affected in 2020 by COVID-19 due to a reduction in spending and closures or slowdowns of certain of its buyer’s businesses and other mandated restrictions on travel, social and business gatherings, schools, and the workplace. The impact was higher in certain industry verticals or segments such as HOAs and commercial real estate, with certain buyers tightly managing spend and hesitating to start new implementation projects. On the other hand, the pandemic also had the short term impact of driving increased interest and, for certain buyers, accelerated purchasing decisions for the Company’s products and services, as buyers shifted to remote work arrangements.

In 2021, the Company has continued to see the impact of COVID-19 on its business and its buyers and suppliers. The Company believes that, as a result of the uncertainty created by the pandemic, many buyers have been and may continue to be in the near term reluctant to invest in the purchase and implementation of our products and services, negatively impacting new sales and leading to longer sales cycles. These trends, if they continue, will make it more difficult for the Company to acquire new buyers and could lead to greater uncertainty around closing new sales opportunities, which could adversely impact its future revenue.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates reflected in these consolidated financial statements include, but are not limited to, the allowance for doubtful accounts, useful lives

assigned to fixed and intangible assets, capitalization of internal-use software, deferral of customer origination costs, the fair value of intangible assets acquired in a business combination, the fair value of goodwill, the recoverability of deferred income taxes, the fair value of common stock, and the fair value of the convertible common stock liability (or the “derivative instrument.”) The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.

Concentrations

Significant Services

A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). For the three months ended September 30, 2021 and 2020, interchange fee revenues from a single service provider represented approximately 51% and 50% of total revenues, respectively. For the nine months ended September 30, 2021 and 2020, interchange fee revenues from a single service provider represented approximately 50% and 49% of total revenues, respectively. As of September 30, 2021 and December 31, 2020, 66% and 62% of accounts receivable, net, is comprised of amounts due from this service provider, respectively.

Future regulation or changes by the card brand payment networks could have a substantial impact on the Company’s revenue from VCC transactions. If interchange rates decline, whether due to actions by the card brand payment networks, merchant/suppliers availing themselves of lower rates, or future regulation, the Company’s total operating revenues, operating results, prospects for future growth and overall business could be materially affected.

Restricted Funds Held for Customers and Payment Service Obligations

Restricted funds held for customers and the corresponding liability of payment service obligations represent funds that are collected from customers for payments to their suppliers. The Company is registered as a money services business (“MSB”) with the Financial Crimes Enforcement Network (“FinCEN”). As of September 30, 2021, payment service obligations were comprised of $837,155 of outstanding daily transaction liabilities per state regulatory Average Daily Transaction Liability (“ADTL”) report requirements and $33,618 of other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements.

The Company currently operates two models for the transmission of buyer customer funds. Under its legacy model, buyer customer funds are held in trust accounts that are maintained and operated by a trustee pending distribution. After customers’ funds are deposited in a trust account, the Company initiates payment transactions through external payment networks whereby the customers’ funds are distributed from the trust to the appropriate supplier. The Company is not the trustee or beneficiary of the trusts which hold these customer deposits; accordingly, the Company does not record these assets and offsetting liability on its consolidated balance sheets. The Company contractually earns interest on funds held for customers with associated counterparties. The amount of customer funds held in trust-related accounts was approximately $88,503 and $723,084 as of September 30, 2021 and December 31, 2020.

The Company has also obtained a money transmitter license in all states which require licensure. This model enables AvidXchange to provide commercial payment services to businesses through its “for the benefit of customer” (“FBO”) bank accounts that are restricted for such purposes. The restricted funds held for customers are restricted for the purpose of satisfying the customer’s supplier obligations and are not available for general business use by the Company. The Company maintains these funds in liquid cash accounts and contractually earns interest on these funds held for customers. These funds are recognized as a restricted cash asset and a corresponding liability is recorded for payments due to their suppliers on the Company’s consolidated balance sheets. Restricted funds held for customers are included in the cash and cash equivalents on the consolidated statements of cash flows. The Company is continuing to work towards fully transitioning to this model.

Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock. Net loss per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines net loss per share for the holders of the Company’s common shares and participating securities. The Company’s convertible preferred stock contains participation rights in any dividend paid by the Company and is deemed to be a participating security. Net loss attributable to common stockholders and participating preferred shares are allocated to each share on an as-converted basis as if all of the earnings for the period had been distributed. The participating securities do not include a contractual obligation to share in losses of the Company and are not included in the calculation of net loss per share in the periods in which a net loss is recorded.

Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if converted method. The Company allocates earnings first to preferred stockholders based on dividend rights and then to common and preferred stockholders based on ownership interests. The weighted average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and convertible preferred stock. Common stock equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is generally the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. For the three and nine months ended September 30, 2021 and 2020, 122,484,570 and 121,821,200 potentially dilutive shares, respectively, were excluded from the calculation of diluted EPS as their impact was antidilutive. The Company reported a net loss attributable to common stockholders for each of the three and nine months ended September 30, 2021 and 2020.

Nonqualified Deferred Compensation Plan

The Company adopted a nonqualified, deferred compensation plan effective October 1, 2015, which is an unfunded plan created for the benefit of a select group of management or highly compensated employees. The purpose of the plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their compensation. It is exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the nonqualified deferred compensation plan, as directed by each participant.

The Company has established a ‘rabbi trust’ that serves as an investment to shadow the deferred compensation plan liability. The assets of the rabbi trust are general assets of the Company and as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. The Company has recorded these assets and liabilities at their fair value. In association with this plan, $1,164 and $663 were included in other noncurrent assets and $1,232 and $787 were included in noncurrent liabilities as of September 30, 2021 and December 31, 2020, respectively.

Contingent Liabilities

Contingent liabilities require significant judgment in estimating potential losses for legal claims. We review significant new claims and litigation for the probability of an adverse outcome. Estimates are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Disclosure is required when there is a reasonable possibility that the ultimate loss will materially exceed the recorded provision. Contingent liabilities are often resolved over long time periods. Estimating probable losses requires analysis of multiple forecasts that often depend on judgments about potential actions by third parties such as regulators, and the estimated loss can change materially as individual claims develop.

Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, AP, debt, and the liability related to the convertible common stock conversion feature. The carrying amount of cash, trade receivables, and AP approximate fair value due to the short-term maturity. The estimated fair value of long- term debt is based on borrowing rates currently available to the Company for similar debt issues. The fair value approximates the carrying value of long-term debt.

In accordance with applicable accounting standards, the Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The following is a brief description of those three levels:


Level 1	Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
Level 2	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active market and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3	Unobservable inputs that reflect the reporting entity’s own assumptions. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

When more than one level of input is used to determine the fair value, the financial instrument is classified as Level 1, 2 or 3 according to the lowest level input that has a significant impact on the fair value measurement. The Company performs a review of the fair value hierarchy classification on an annual basis. Changes in the observability of valuation inputs may result in a reclassification of certain financial assets or financial liabilities within the fair value hierarchy.

The convertible common stock liability is stated at fair value and is considered a Level 3 input because the fair value measurement is based, in part, on significant inputs not observed in the market. The Company determined the fair value of the convertible common stock liability based on the Black-Scholes option- pricing model which utilizes the value of shares sold in the Company’s latest preferred stock financing and allocates the estimated equity value of the Company to each class of the Company’s outstanding securities using an option-pricing back-solve model, then a Monte Carlo simulation technique to estimate fair value of the convertible common stock liability.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited interim financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from early adopting new or revised accounting standards. The Company expects to use the extended transition period for any new or revised accounting standards during the period which the Company remains an emerging growth company.

Revision of Previously Issued Financial Statements

As previously disclosed in the Company's Final Prospectus, subsequent to the original issuance of the Company's financial statements for the year ended December 31, 2020, the Company identified an error in its historical accounting of RSU grants. Although the Company has concluded that these errors were immaterial to its previously issued annual and interim financial statements, the Company determined it would correct for these errors by revising those financial statements. As such, the accompanying unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2020 have been revised to correct for the error as reflected in the tables below:


	Three Months Ended September 30, 2020 (As Reported)			Stock-based Compensation Adjustment			Three Months Ended September 30, 2020 (As Revised)
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$	21,047		$	(75	)	$	20,972
Sales and marketing		11,917			(154	)		11,763
Research and development		11,204			(149	)		11,055
General and administrative		10,522			(165	)		10,357
Total operating expenses		40,596			(468	)		40,128
Loss from operations		(14,043	)		543			(13,500	)
Loss before income taxes		(18,469	)		543			(17,926	)
Net loss		(18,527	)		543			(17,984	)
Net loss attributable to common stockholders		(24,104	)		543			(23,561	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.43	)	$	0.01		$	(0.42	)

Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders’ Deficit
Stock-based compensation	$	822		$	(543	)	$	279
Net loss		(18,527	)		543			(17,984	)


	Nine Months Ended September 30, 2020 (As Reported)			Stock-based Compensation Adjustment			Nine Months Ended September 30, 2020 (As Revised)
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$	61,843		$	(205	)	$	61,638
Sales and marketing		35,631			(352	)		35,279
Research and development		32,511			(355	)		32,156
General and administrative		31,175			(362	)		30,813
Total operating expenses		120,974			(1,069	)		119,905
Loss from operations		(49,752	)		1,274			(48,478	)
Loss before income taxes		(69,723	)		1,274			(68,449	)
Net loss		(69,898	)		1,274			(68,624	)
Net loss attributable to common stockholders		(85,894	)		1,274			(84,620	)
Net loss per share attributable to common stockholders, basic and diluted	$	(1.76	)	$	0.03		$	(1.73	)

Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders’ Deficit
Stock-based compensation	$	2,126		$	(1,274	)	$	852
Net loss		(69,898	)		1,274			(68,624	)
Additional paid-in capital, September 30, 2020		205,799			(1,274	)		204,525
Accumulated deficit, September 30, 2020		(493,748	)		1,274			(492,474	)

Consolidated Statements of Cash Flows
Net loss	$	(69,898	)	$	1,274		$	(68,624	)
Stock based compensation expense		2,126			(1,274	)		852

New Accounting Pronouncements

Recently Adopted Accounting Standards

On January 1, 2021, the Company adopted ASU No. 2018-15, Intangibles — Goodwill and Other: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, that provides guidance on capitalization of implementation costs incurred in a cloud computing arrangement that is a service contract. There was no impact on the Company’s consolidated financial statements upon adoption.

Accounting Pronouncements Issued but Not Yet Adopted

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income (the “CECL” framework). The guidance will replace the Company’s current accounts receivable and supplier advances receivable allowance for doubtful accounts methodology with the CECL framework. ASU 2016-13 is effective for private companies for financial statements issued for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This standard is effective for private companies for annual reporting periods beginning after December 15, 2021, and for interim periods beginning after December 15, 2022, and early adoption is permitted. Certain amendments of this standard may be adopted on a retrospective basis, modified retrospective basis or prospective basis. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This standard requires contract assets and contract liabilities from contracts with customers that are acquired in a business combination to be recognized and measured as if the acquirer had originated the original contract. For public business entities, it is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities should apply the provisions of the new standard prospectively to business combinations occurring on or after the effective date of the standard. Early adoption is permitted, including adoption in an interim period. The

Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

The table below presents the Company’s revenues disaggregated by type of services performed.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Software revenue	$	22,345	$	17,179	$	64,416	$	50,191
Payment revenue		42,173		30,099		112,793		81,906
Services revenue		658		322		1,935		968
Total revenues	$	65,176	$	47,600	$	179,144	$	133,065

Contract Assets and Liabilities

The Company’s rights to payments are not conditional on any factors other than the passage of time, and as such, AvidXchange does not have any contract assets. Contract liabilities consist primarily of advance cash receipts for services (deferred revenue) and are recognized as revenue when the services are provided.

The table below presents information on accounts receivable and contract liabilities.


	As of September 30, 2021		As of December 31, 2020
Trade accounts receivable, net	$	9,721	$	8,977
Payment processing receivable, net		20,414		15,780
Accounts receivable, net	$	30,135	$	24,757
Contract liabilities	$	21,771	$	7,970

Significant changes in the contract liabilities balance are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenue recognized included in beginning of period balance	$	(1,203	)	$	(871	)	$	(5,331	)	$	(3,298	)
Cash received, excluding amounts recognized as revenue during the period		14,340			933			19,132			3,730

The tables below present a summary of changes in the Company’s allowance for doubtful accounts for the nine months ended September 30, 2021:


	Accounts Receivable			Supplier Advances
	Allowance			Receivable Allowance
Allowance for doubtful accounts, December 31, 2020	$	1,769		$	1,099
Amounts charged to contra revenue, cost of revenues and expenses		323			750
Amounts written off as uncollectable		(185	)		(1,137	)
Recoveries of amounts previously written off		-			96
Allowance for doubtful accounts, September 30, 2021	$	1,907		$	808


	Accounts Receivable			Supplier Advances
	Allowance			Receivable Allowance
Allowance for doubtful accounts, December 31, 2019	$	1,411		$	588
Amounts charged to contra revenue, cost of revenues and expenses		393			640
Amounts written off as uncollectable		(137	)		(588	)
Recoveries of amounts previously written off		-			64
Allowance for doubtful accounts, September 30, 2020	$	1,667		$	704

Transaction Price Allocated to Remaining Performance Obligations

Transaction price allocated to the remaining performance obligation represents contracted revenue that has not yet been recognized. These revenues are subject to future economic risks including customer cancellations, bankruptcies, regulatory changes and other market factors.

The Company applies the practical expedient in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”), paragraph 606-10-50-14(b) and does not disclose information about remaining performance obligations related to transaction and processing services that qualify for recognition in accordance with paragraph 606-10-55-18 of Topic 606. These contracts contain variable consideration for stand-ready performance obligations for which the exact quantity and mix of transactions to be processed are contingent upon the buyer or supplier request. These contracts also contain fixed fees and non-refundable upfront fees; however, these amounts are not considered material to total consolidated revenue.

The Company’s remaining performance obligation consists of contracts with financial institutions who are using the ASCEND solution. These contracts generally have a duration of five years and contain fixed maintenance fees that are considered fixed price guarantees. Remaining performance obligation consisted of the following:


	Current		Noncurrent		Total
As of September 30, 2021	$	13,188	$	24,782	$	37,970
As of December 31, 2020		12,406		26,771		39,177

Contract Costs

The Company incurs incremental costs to obtain a contract, as well as costs to fulfill a contract with buyer customers that are expected to be recovered. These costs consist primarily of sales commissions incurred if a contract is obtained, and customer implementation related costs.

The Company utilizes a portfolio approach when estimating the amortization of contract acquisition and fulfillment costs. These costs are amortized on a straight-line basis over the expected benefit period of generally five years, which was determined by taking into consideration customer attrition rates, estimated terms of customer relationships, useful lives of technology, industry peers, and other factors. The amortization of contract fulfillment costs associated with implementation activities are recorded as cost of revenues while the amortization of contract acquisition costs associated with sales commissions that qualify for capitalization is recorded as sales and marketing expense, both in the Company’s consolidated statements of operations. Costs to obtain or fulfill a contract are classified as deferred customer origination costs in the Company’s consolidated balance sheets.

The following tables present information about deferred contract costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Capitalized sales commissions and implementation costs	$	3,625	$	3,350	$	10,025	$	9,305
Amortization of deferred contract costs
Costs to obtain contracts included in sales and marketing expense	$	1,325	$	1,432	$	3,788	$	3,360
Costs to fulfill contracts included in cost of revenue		1,404		1,266		4,052		3,388

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Business Combinations

4. Business Combinations

On July 8, 2021, the Company entered into a stock purchase agreement for all of the equity interests of FastPay, a leading provider of payments automation solutions for the media industry. This acquisition expanded the Company’s portfolio of automated payments technologies and services to middle market companies across the media landscape in the United States. The Company paid consideration of approximately $76,963 which consisted of $45,963 in cash and 2,529,944 shares of common stock of the Company with an aggregate value of $31,000. Additional amounts may be earned upon achievement of future performance goals measured on annual performance for 2021, 2022 and 2023. The aggregate amount of potential additional payments is $9,000, evenly split between cash and common stock. The Company recorded additional consideration of $1,880 related to contingent consideration in liabilities on its consolidated balance sheets. Additionally, the Company included identified deferred payment obligations of $792 in consideration paid.

On July 24, 2021, the Company paid contingent consideration with an aggregate value of $1,000 consisting of $500 in cash and 40,804 shares of common stock with a value of $500.

The number of shares of common stock issued, including contingent consideration, is subject to adjustment based on future changes in the value of the Company's common stock in connection with a capital raise or an initial public offering ("IPO"). If the first anniversary of the acquisition closing date occurs prior to an IPO or capital raise, then the number of shares will be adjusted based on a revenue multiple. The number of shares was in fact adjusted upon the closing of the Company’s IPO (see Note 15). The Company has determined that the variability in the number of shares issued in the transaction represents a call option. The value of the call option was determined to be $4,118 and reduces the consideration allocated to the fair value of the business and was recorded as reduction to additional paid-in capital of $4,118 at the date of the acquisition.

In allocating the preliminary purchase price, the Company recorded the following assets acquired and liabilities assumed based on their estimated fair values at the date of the acquisition:


Consideration Transferred
Closing cash consideration, net of cash acquired	$	45,963
Common stock consideration		31,000
Contingent consideration		1,880
Deferred payment obligation		792
Call option		(4,118	)
Fair value of total consideration transferred	$	75,517


Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Current assets	$	2,115
Property and equipment		118
Operating lease right-of-use assets		561
Other noncurrent assets and deposits		90
Intangible assets
Customer relationships		18,000
Acquired technology		14,000
Trade name		2,500
Non-compete agreements		2,100
Goodwill		55,291
Total identifiable assets acquired		94,775
Accounts payable		3,240
Accrued Expenses		15,457
Lease Liabilities		561
Total liabilities assumed		19,258
Purchase price paid, net of cash acquired	$	75,517

The preliminary calculation of fair value for the acquired assets and liabilities was prepared using primarily Level 3 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company determined the fair value of the identifiable intangible assets acquired with the assistance of third-party valuation consultants. The determination of fair value utilized the relief-from-royalty method for the acquired technology and the trade name. The multi-period excess earnings method was utilized to determine the fair value of the customer relationships. The amount recorded for acquired technology represents the estimated fair value of FastPay's payment technology. The amount recorded for customer relationships represents the fair values of the underlying relationship with FastPay's customers. The amount recorded for tradename represents the fair value of the brand recognition of FastPay. The weighted average useful life of acquired intangibles is 12 years. The goodwill balance is primarily attributable to the assembled workforce and expanded market opportunities within the market verticals in which FastPay operates. The goodwill balance is not deductible for tax purposes.

During the three and nine months ended September 30, 2021 and 2020, the amount of revenue and expense attributable to FastPay's operations were $2,003 and $3,158, respectively. Supplemental pro forma revenue and earnings information have not been presented for the three and nine months ended September 30, 2021 and 2020 because the effect of this acquisition was not material to the Company's overall operations.

During 2020, the Company made two acquisitions that were accounted for as business combinations in accordance with the provisions of FASB ASC Topic 805, Business Combinations, and has included the financial results of each acquisition in its consolidated financial statements from the date of the acquisition. On December 30, 2020 AvidXchange acquired all of the issued and outstanding equity interest of Core Associates, the maker of TimberScan, an AP approval processing and content management software. Total purchase price was approximately $24,408, net of $1,836 of cash acquired. The Company paid approximately $19,408 in cash at closing, inclusive of working capital adjustments, and issued 102,016 common shares valued at $5,000. On October 29, 2020, the Company completed an asset acquisition with the stockholders of Orbiion, Inc., a California corporation (“Orbiion”), for total consideration of approximately $1,409, including 80,640 shares of common stock valued at approximately $988.

During the nine months ended September 30, 2021, the Company did not make any adjustments to the purchase price allocation for the Core Associates and Orbiion transactions.

Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

5. Property and Equipment

Property and equipment as of September 30, 2021 and December 31, 2020 consists of the following:


		September 30,			December 31,
	Useful Life	2021			2020
Land	Indefinite	$	12,667		$	12,667
Office equipment	5 Years		2,048			2,046
Computer equipment	5 Years		14,353			13,508
Computer software	3 Years		3,219			2,946
Furniture	7 Years		7,388			7,334
Headquarters facilities	21-35 Years		68,484			68,484
Leasehold improvements	Shorter of lease term or useful life		8,822			8,683
			116,981			115,668
Less: Accumulated depreciation and amortization			(33,829	)		(28,796	)
Total property and equipment, net of accumulated depreciation and amortization		$	83,152		$	86,872

Depreciation and amortization expense charged against property and equipment was $1,636 and $1,815 for the three months ended September 30, 2021 and 2020, respectively, and $5,037 and $5,568 for the nine months ended September 30, 2021 and 2020, respectively. Depreciation and amortization expense associated with finance leases was $815 and $923 for the three months ended September 30, 2021 and 2020, respectively, and $2,551 and $2,853 for the nine months ended September 30, 2021 and 2020, respectively.

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

Intangible Assets

The following table presents information about capitalized software development costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Capitalized software development costs	2021		2020		2021		2020
Capitalized	$	4,504	$	2,810	$	12,582	$	7,959
Amortized		2,853		2,474		8,116		7,032


	September 30, 2021
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount

Internally developed software	3 Years		64,690		(44,510	)		20,180
Non-compete	3 Years		2,100		(210	)		1,890
Customer relationships	9 Years		69,442		(19,176	)		50,266
Technology	7 Years		45,791		(20,953	)		24,838
Trade name	10 Years		7,747		(1,168	)		6,579
Total intangible assets		$	189,770	$	(86,017	)	$	103,753


	December 31, 2020
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount

Internally developed software	3 Years		52,903		(36,614	)		16,289
Customer relationships	8 Years		51,442		(14,032	)		37,410
Technology	5 Years		31,791		(17,523	)		14,268
Trade name	10 Years		5,246		(771	)		4,475
Total intangible assets		$	141,382	$	(68,940	)	$	72,442

Total amortization expense associated with identifiable intangible assets was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total amortization expense associated with identifiable intangible assets	$	6,528	$	5,138	$	17,297	$	15,167

Goodwill

The following table sets forth the changes in the carrying amount of the Company’s goodwill:


Goodwill
Balance at January 1, 2020	$	89,521
Acquisitions		16,175
Balance at December 31, 2020		105,696
Acquisitions		55,291
Balance at September 30, 2021	$	160,987

Impairment and write-off of intangible assets

Impairment and write-off expense related to internally developed software projects was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Impairment and write-off of intangible assets	$	-	$	-	$	574	$	924

Leases and Leasing Commitments

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases and Leasing Commitments

7. Leases and Leasing Commitments

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$	283	$	357	$	872	$	1,258
Operating cash flows for finance leases		1,853		1,837		5,537		5,355
Operating cash flows for operating leases		387		559		1,410		1,625
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		-		170		174		469
Operating lease liabilities		561		163		877		163

The components of lease expense were as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021			2020
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	815	$	923		$	2,551		$	2,853
Interest on lease liabilities		2,068		2,063			6,204			6,039
Operating lease expense		311		305			931			907
Short-term lease cost		129		149			168			457
Variable lease cost		189		50			239			233
Sublease income		-		(62	)		(145	)		(187	)
Total lease cost	$	3,512	$	3,428		$	9,948		$	10,302

Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

8. Long-Term Debt

Long-term debt as of September 30, 2021 and December 31, 2020:


	September 30,			December 31,
	2021			2020
Term loan facility	$	95,000		$	95,000
Delayed draw term loan		7,840			5,552
Promissory note payable for land acquisition		3,000			3,000
Total principal due		105,840			103,552
Current portion of promissory note		(1,000	)		(1,000	)
Unamortized portion of debt issuance costs		(3,158	)		(4,106	)
Long-term debt	$	101,682		$	98,446

On October 1, 2019, the Company entered into a senior secured credit facility (“2019 Credit Agreement” or “2019 Facility”) with Sixth Street Specialty Lending, Inc. (“Sixth Street”) and KeyBank National Association (“KeyBank”). The 2019 Credit Agreement makes available to the Company a facility in an aggregate amount of $163,500 which consists of:



$95,000 term loan facility (“2019 Term Loans”);



$30,000 additional delayed draw term loan commitment (“DDTL”);



$18,500 delayed draw term loan commitment (“Interest DDTL”); and



$20,000 revolving commitment (“2019 Revolver”).

Proceeds from the 2019 Credit Agreement were used to pay the outstanding principal related to the credit agreement dated October 19, 2016, as amended and restated (the “Old Credit Agreement”), and for working capital. The 2019 Facility is collateralized by substantially all of the assets of the Company except for bank accounts that hold customer funds or are used to administer self-funded employee benefit plans and other limited exceptions.

Interest on the loans under the 2019 Credit Agreement is equal to LIBOR or a base rate, plus a margin. The applicable margin will be between 8% to 9% for the first three years, with the lower rate applicable for quarters in which the Company does not borrow from the Interest DDTL, and after the third anniversary will be 7.5% or 8% depending on whether the cash burn rate is greater than or less than negative $2,500. The base rate is equal to the higher of the current prime rate, federal funds effective rate plus 0.5%, or 4%. The Company may elect an interest period of up to three months in connection with a LIBOR rate loan. Per the terms of the 2019 Credit Agreement, the unavailability or replacement of LIBOR would result in the use of a similar measure based upon a calculated average of borrowing rates offered by major banks in the London interbank as determined by Sixth Street. As such, management does not believe that the unavailability of LIBOR will have any material impact on our borrowing costs.

From October 1, 2019 through the third anniversary date of the 2019 Credit Agreement, the Company may, on a quarterly basis, borrow under the Interest DDTL to finance up to 4.5% of the interest due on the 2019 Term Loans. For the nine months ended September 30, 2021, the Company borrowed $2,288 under the Interest DDTL at rates of 9.0% and 10.0%.

The Company also has available additional DDTL which may be made in minimum increments of $5,000, and multiples of $500 in excess of that amount, up to $30,000. The Company is required to pay a commitment fee of 0.5% per annum based on the unused commitment under the additional DDTL. The DDTL commitment terminated on October 1, 2021.

The maturity date for the 2019 Term Loans and Interest DDTL is April 1, 2024.

Revolving Credit Facility

Borrowing increments on the 2019 Revolver start at $500, and multiples of $100 in excess of that amount. There was no balance outstanding under the facility as of September 30, 2021 or December 31, 2020. The Company is required to pay a commitment fee of 0.5% per annum with respect to the unused commitment under the 2019 Revolver. The maturity date for the 2019 Revolver is October 1, 2023.

Deferred Financing Costs

The Company has $188 and $258 in deferred financing costs included in other noncurrent assets and deposits, and $3,158 and $4,106 of deferred financing costs associated with 2019 Term Loan, DDTL, and Interest DDTL recorded net of long-term debt as of September 30, 2021, and December 31, 2020, respectively.

Amortization of deferred financing costs was $339 for each of the three months ended September 30, 2021 and 2020, and $1,018 and $843 for the nine months ended September 30, 2021 and 2020, respectively, which is presented in the consolidated statements of operations as interest expense.

Liquidity and Financial Covenants

The Company’s 2019 Credit Agreement contains certain covenants and restrictions on actions by the Company, including limitations on the payment of dividends. In addition, the 2019 Credit Agreement requires that the Company comply monthly with specified ratios, including a maximum ratio of debt to recurring revenue and a minimum cash balance requirement. The Company is in compliance with its financial debt covenants as of September 30, 2021.

Land Promissory Note

On November 15, 2018, the Company signed a promissory note in connection with the purchase of two land parcels adjacent to its Charlotte, North Carolina headquarters campus. The principal amount of $5,000 will be repaid in $1,000 installments, plus accrued interest at a rate of 6.75%, due on each anniversary date, with final payment due on November 15, 2023. The note is collateralized by the land parcels and any future building to be situated on, or improvements to, the land.

Preferred Stock

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

Preferred Stock

9. Preferred Stock

The Company’s preferred stock, which is classified as mezzanine equity in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 is as follows:


	As of September 30, 2021
	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Carrying Value
Series A		2,000,000		625,547	$	440	$	440
Series B		5,000,000		1,622,366		851		851
Series C		4,200,000		1,004,770		851		851
Series D		1,500,000		1,360,447		9,278		9,278
Series E		9,800,000		9,250,303		172,380		167,648
Series F		14,500,000		13,405,900		530,954		508,110
Junior Series 1		400,000		90,497		1,088		1,088
Senior Preferred		2,722,166		2,722,166		169,000		158,776
Redeemable Preferred		350,000		-		-		-
		40,472,166		30,081,996	$	884,842	$	847,042


	As of December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Carrying Value
Series A		2,000,000		625,547	$	440	$	440
Series B		5,000,000		1,622,366		851		851
Series C		4,200,000		1,004,770		851		851
Series D		1,500,000		1,360,447		9,278		9,278
Series E		9,800,000		9,250,303		172,380		167,648
Series F		14,500,000		13,405,900		530,954		508,110
Junior Series 1		400,000		90,497		1,088		1,088
Senior Preferred		2,722,166		2,722,166		169,000		144,359
Redeemable Preferred		350,000		-		-		-
		40,472,166		30,081,996	$	884,842	$	832,625

Authorized Shares

As of September 30, 2021, the Company had authorized the issuance of up to 40,472,166 shares of preferred stock, $0.001 par value per share, and the Company’s second amended and restated certificate of incorporation provided that the Company was authorized from time to time to designate by resolution one or more series of preferred stock in addition to the series A preferred, series B preferred, series C preferred, series D preferred, series E preferred, series F preferred, junior series 1 preferred, senior preferred and redeemable preferred stocks that were designated in the second amended and restated certificate of incorporation, subject to certain limitations and required approvals as set forth therein.

Senior Preferred Stock and Redeemable Preferred Stock

The senior preferred stock is convertible into redeemable preferred stock and convertible common stock. The shares are entitled to cumulative 12% annual dividends payable if and when declared by the Company's board of directors. There are no voting rights, and the senior preferred shares are senior to all other classes of preferred and common stock. The senior preferred liquidation preference is the greater of the original issuance price plus accrued and unpaid dividends or 1.3 times the original issuance price. The shares are transferable, subject to limited exceptions, and may be converted into redeemable preferred and convertible common shares upon written election of the majority of senior preferred stockholders or the Company. In addition, the senior preferred shares automatically convert upon the closing of certain public offerings and events.

The redeemable preferred shares are entitled to cumulative 12% annual dividends payable if and when declared by the Company's board of directors. There are no voting rights, and the redeemable preferred shares (like the senior preferred shares) are senior to all other classes of preferred and common stock. The shares are transferable, subject to limited exceptions, and may be redeemed for cash upon written request by a majority of redeemable preferred stockholders or by the Company, at any time, at the greater of 1.3 times the original issuance price or the original issuance price plus accrued and unpaid dividends.

Conversion, Redemption and Other Rights

Each share of each series of preferred stock (except for the senior preferred stock and the redeemable preferred stock) is entitled to the number of votes equal to the number of shares of common stock into which each share is convertible on the record date for any vote except for the junior series 1 preferred stock which is entitled to the number of votes equal to 1/10 the number of shares of common stock into which such series share is convertible. The series E and series F preferred stock also have approval rights over certain Company transactions including certain significant mergers and acquisitions, payment of dividends, issuance of indebtedness and related party transactions, among others. Certain series of preferred stock have preemptive rights to participate in future offerings of securities by the Company, subject to certain exceptions.

Each series of preferred stock has certain redemption rights that require the Company, upon notice from a holder, which may be delivered at any time after October 1, 2026, or October 1, 2025 in the case of the senior preferred and redeemable preferred, to redeem for cash the holder’s shares at a designated price, less dividends and distributions. The Company has the right to redeem the shares in part over specified periods of time, not to exceed 18 months, depending on the series of preferred stock. The total redemption amount under such preferred stock agreements was $884,842 as of September 30, 2021 and December 31, 2020.

No dividends or other distributions may be made on the common stock unless the same dividend or distribution is also made to all the series of preferred stock on an as-converted basis. All shares of preferred stock may be converted into shares of common stock on a four-for-one basis, subject to adjustment upon certain events, except for the shares of series A preferred stock which are convertible into common stock at a conversion rate of 6.7227. Upon conversion, the series A stockholder is entitled to receive a cash payment as a result of a conversion into fractional common shares. Each series of preferred stock has a liquidation

preference over the common stock and a relative preference among the preferred, with the senior preferred (or, if the senior preferred shares have been converted, the redeemable preferred) having the highest preference and the junior series 1 preferred stock having the lowest preference, with the series B and series C having a pari passu preference to each other.

Stockholders' Equity and Convertible Common Stock Liability

9 Months Ended

Sep. 30, 2021

Stockholders Equity Note [Abstract]

Stockholders' Equity and Convertible Common Stock Liability

10. Stockholders’ Equity and Convertible Common Stock Liability

The Company presents its common stock within stockholders’ equity and its convertible common stock separately as a liability.

Authorized Shares

On September 30, 2021, the Company increased the number of authorized shares, par value $0.001 per share, of common stock from 240,000,000 to 340,000,000 and increased the number of authorized shares of convertible common stock from 3,000,000 to 4,000,000.

Convertible Common Stock Liability

The convertible common shares are entitled to dividends pari passu with common stockholders on an “if- converted” basis. Shares may be redeemed for cash or converted into common stock. Cash redemption may occur at the option of the stockholders, on or after six years from the date of purchase, or upon the occurrence of a significant event such as the sale of the Company or an IPO. The Company may redeem the shares for cash upon the occurrence of a significant transaction. Convertible common stock is convertible into common stock at the election of the holder for the 15-year period ending on October 1, 2034. The convertible common shares will also automatically convert upon a liquidation or sale of the Company or an IPO. These shares were in fact converted upon the closing of the Company’s IPO (see Note 15).

The cash proceeds received upon redemption, or the number of common shares received upon conversion, is based upon a formula whereby the holder of the instrument will receive value commensurate with the increase, if any, in value of the Company’s common stock from the date of redemption or conversion over a contractually determined base price per common share of $11.94.

The convertible common stock has been accounted for as a derivative liability and is recorded at its fair market value within other long-term liabilities on the balance sheet. The Company estimates the fair value of the liability using the Black-Scholes option-pricing model and any change in fair is recognized as a gain or loss in the statement of operations. The following table sets forth a summary of the changes in the fair value of the derivative liability, which is the Company’s only Level 3 financial instrument. As of September 30, 2021, no shares of convertible common stock are outstanding as such shares will only be issued upon conversion of the senior preferred stock.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Fair value, beginning of period	$	10,392	$	9,262	$	10,254	$	2,717
Change in fair value		14,552		-		14,690		6,545
Fair value, end of period	$	24,944	$	9,262	$	24,944	$	9,262

Share Issuances

During the nine months ended September 30, 2021, the Company issued 7,545,608 shares of common stock at a weighted average price per share of $11.15. The common stock issued included 4,080,636 shares in connection with the modification of the Company’s agreement with a related party (see Note 13) and 2,570,748 shares of common stock issued related to the acquisition of FastPay. The remaining issuances were the result of employees exercising vested stock option grants.

Charitable Contribution

On June 24, 2021, the Company’s board of directors approved the reservation of 1,657,296 shares of our common stock (representing approximately 1% of its issued and outstanding common stock and common stock equivalents as of June 24, 2021) for future issuance to fund its philanthropic endeavors, including issuance to a philanthropic partner in connection with the establishment of a donor-advised fund, over a ten-year period.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

The Company amended and restated its equity incentive plan effective June 25, 2020 (the “2020 Plan”). The 2020 Plan authorized the use of restricted stock units (“RSUs”) in addition to previously authorized grants of stock options. As of the effective date, no new option awards are to be made under prior equity incentive plans. On February 18, 2021, the 2020 Plan was amended to increase the number of shares authorized to 10,008,068, which was comprised of a 6,400,000 expansion of shares authorized and 3,608,068 shares that were remaining under the Company’s prior equity incentive plan.

Stock options granted under the Company's equity incentive plans have various vesting periods ranging from fully-vested on the date of grant or vesting over a period of three or four years. The term for each incentive stock option under these plans is ten years from the grant date, or five years for a grant to a ten percent owner optionee, in each case assuming continued employment. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model.

RSUs granted under the 2020 Plan have a vesting period of generally four years and a term of seven years, or three years for time vested RSUs after termination of employment. Any unvested RSUs are forfeited upon termination of employment. The RSUs are also subject to a performance condition upon a predefined liquidity event such as an IPO or a change in control. RSUs are valued at the estimated value of a share of common stock at the date of grant. Because the probability of performance condition occurring cannot be estimated, no compensation expense has been recognized related to the RSUs.

Stock option activity for the nine months ended September 30, 2021 was as follows:


	As of September 30, 2021
						Weighted Average
	Number of Stock			Weighted Average		Remaining		Aggregate
	Options Outstanding			Exercise Price		Contractual Life		Intrinsic Value
Balance as of December 31, 2020		4,208,700		$	4.53		7.20	$	31,852
Granted		2,246,444			12.15
Exercised		(894,224	)		2.93
Cancelled		(243,228	)		7.15
Expired		(6,836	)		0.06
Balance as of September 30, 2021		5,310,856		$	7.91		7.90	$	25,379
Vested and exercisable		2,047,828		$	4.21		6.28	$	17,356
Vested and expected to vest		5,100,370		$	7.77		7.85	$	25,082

As of September 30, 2021, the total unamortized stock-based compensation expense related to the unvested stock options was $11,513, which the Company expects to amortize over a weighted average period of 3.0 years.

RSUs activity for the nine months ended September 30, 2021 was as follows:


	Restricted Stock Units
	Number of Restricted			Weighted Average		Aggregate
	Stock Outstanding			Grant Date Fair Value		Intrinsic Value
Balance as of December 31, 2020		914,148		$	10.42
Granted		1,848,076			12.19
Cancelled		(206,780	)		11.33
Vested and converted to shares		-			-
Balance as of September 30, 2021		2,555,444		$	11.65	$	32,429

As of September 30, 2021, the total unamortized stock-based compensation expense related to the unvested RSUs was $27,736, which the Company will amortize over a weighted average period of 3.4 years upon satisfaction of the performance condition.

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenues	$	90	$	49	$	230	$	126
Sales and marketing		215		53		572		193
Research and development		174		32		460		106
General and administrative		678		145		1,847		427
Total	$	1,157	$	279	$	3,109	$	852

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Incentive Packages

In 2014, the Company entered into grant and tax incentive agreements with state and local government agencies in North Carolina (the “2014 Incentives”) for establishment of the new corporate headquarters and the expansion of its workforce. The fair value of the 2014 Incentives is estimated at $8,637, to be received over the next four to ten years. In order to receive the 2014

Incentives, the Company has to maintain its headquarters in Charlotte, NC, create new job positions as well as maintain a minimum number of employees within the state of North Carolina. The average estimated grant and incentive payment could be up to $900 annually and the incentive amount is dependent upon reaching certain hiring goals as stated in the grant and tax incentive agreements.

In March 2019, the Company signed a second incentive grant package with the state and local government agencies of North Carolina (the “2019 Incentives”). The fair value of the 2019 Incentives is estimated at $22,937, to be received over a twelve-year period beginning in 2020. In connection with services to be performed in the negotiation of the 2019 Incentives and subsequent compliance reporting, the Company will pay a vendor an aggregate of $3,190 in four annual installments beginning in 2019.

The reduction (increase) in general and administrative expenses recognized by the Company related to the 2014 Incentives and 2019 Incentives were as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021		2020
Business incentives	$	(270	)	$	324	$	73	$	970

During the three months ended September 30, 2021, the Company determined that it would not meet the criteria to earn amounts under the 2019 Incentives for fiscal year 2021 and reversed amounts previously accrued resulting in an increase in general and administrative expense in that period.

In 2017, the Company entered into a tax incentive agreement for workforce expansion and capital investment in the state of Utah. The fair value of the incentive package is estimated at $359. The Company has not received any payments related to the grant or recognized any benefit associated with this grant for either of the three- and nine-month periods ending September 30, 2021 or 2020.

Letters of Credit

As of September 30, 2021, the Company has an irrevocable standby letter of credit outstanding that acts as collateral with respect to the lease of the Company’s Charlotte corporate headquarters with an availability of approximately $5,953 for which the Company pays a fee of 2% per annum. The letter of credit reduces the borrowing capacity under the 2019 Revolver. It renews annually and expires on December 1, 2023.

Naming Rights

The Company is party to a sponsorship agreement dated July 7, 2018, at its Charlotte corporate headquarters campus which provides full rights to display the Company’s name and logo on signage throughout the venue. The agreement is for a three-year initial term which extends through February 28, 2022 and provides for five 3-year renewal options. Payments for the sponsorship are invoiced annually beginning March 1, 2019; the Company made no payments during both the three months ended September 30, 2021 and 2020, and paid $364 and $357 during the nine months ended September 30, 2021 and 2020, respectively.

Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions

13. Related Party Transactions

The Company incurred software and consulting expenses related to entities affiliated with the Company’s CEO of $152 and $163 for the three months ended September 30, 2021 and 2020, respectively, and $442 and $348 for the nine months ended September 30, 2021 and 2020, respectively. Additionally, the Company incurred expenses related to the provision of staffing and non-advisory financial services by an entity affiliated with one the Company's board of directors members of $146 and $22 for the three months ended September 30, 2021 and 2020, respectively, and $330 and $95 for the nine months ended September 30, 2021 and 2020, respectively.

On February 19, 2021, the Company amended and restated its engagement letter with Financial Technology Partners LP and affiliates (“FT Partners”), an investment banking firm whose owner was a member of the Company’s board of directors up until the time of the amendment. The amended and restated engagement letter limits the events for which FT Partners will receive fees in the future, reduces the fees paid to FT Partners for future transactions, and eliminates the exclusivity arrangement with FT Partners. Additionally, the controlling stockholder of FT Partners left the Company’s board upon the effective date of the amended engagement letter. In connection with this amendment, the Company paid FT Partners approximately $50,000,000, which was recognized in other income (expense) within the unaudited consolidated statements of operations. Concurrently, FT Partners

subscribed to purchase 4,080,636 shares of common stock of the Company at their then-current fair value, and the Company and FT Partners agreed that the retention of the payment by the Company satisfied the amounts due under the subscription.

In July 2015, the Company entered into separate consulting agreements with two stockholders to receive certain marketing, business development, analytics, strategy, and support services in exchange for 704,048 common stock warrants. These warrants vest 20% on July 2016 and 10% every six months thereafter for a period of sixty months. These warrants have an exercise price of $2.04 with a fair value of $1.43 on the date of issuance. The warrants, all of which are outstanding as of September 30, 2021, expire on December 11, 2025. In connection with these consulting agreements, the Company recognized $101 as general and administrative expenses within the unaudited consolidated statements of operations for nine months ended September 30, 2020. No expenses were recognized related to these warrants in 2021 and in the three months ended September 30, 2020. These warrants were converted to common stock upon the closing of the Company’s IPO (see Note 15).

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The table below sets forth the components of income tax expense:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021		2020
Current provision
Federal	$	-		$	-	$	-	$	-
State		(52	)		13		41		40
		(52	)		13		41		40
Deferred provision
Federal		44			37		133		111
State		10			8		29		24
		54			45		162		135
Provision for (benefit from) income taxes	$	2		$	58	$	203	$	175

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Initial Public Offering and Conversion of Senior Preferred Stock, Redeemable Preferred Stock, and Warrants

On October 15, 2021, the Company closed its IPO in which it sold 26,400,000 shares of common stock at a public offering price of $25.00 per share. The Company received net proceeds of $620,400 after deducting underwriters' discounts and commissions and incurred additional expenses in connection with the offering of approximately $12,100.

Upon the closing of the IPO, all shares of outstanding redeemable preferred stock automatically converted into 111,142,439 shares of the Company's common stock. Additionally, all shares of senior preferred stock were converted into redeemable preferred stock and convertible common stock. The resulting redeemable preferred stock was redeemed for $169,000. The resulting convertible common stock was converted into 1,455,308 shares of the Company's common stock.

Additionally, upon the closing of the IPO, the warrants converted into shares of common stock in a cashless exchange. Accordingly, the 797,652 outstanding warrants converted into 740,190 shares of common stock.

On November 15, 2021, the underwriters notified the Company of the partial exercise of the overallotment option. Upon closing on November 18, 2021, the Company will issue 544,928 shares of common stock at the offering price of $25.00 per share and will receive net proceeds of $12,806 after deducting underwriters' discounts and commissions.

FastPay Consideration

Upon the closing of its IPO on October 15, 2021, the Company adjusted the number of shares of common stock paid to the sellers in the FastPay business combination in accordance with the stock purchase agreement to 1,239,973 shares of common stock and 19,998 shares of common stock related to contingent consideration that was paid in July 2021. This resulted in the return and cancellation of 1,310,777 shares of common stock to the Company, including 20,806 shares of common stock related to the contingent consideration.

Long-term Debt

The Company's $30,000 additional delayed draw term loan, or DDTL, expired by its terms on October 1, 2021.

Charitable Contribution

On October 1, 2021, the Company executed an agreement with a philanthropic partner pursuant to which the Company intends to provide annual ongoing grants of 10% of the pledged shares for a period of ten years, subject in each case to the approval of the Company's board of directors. On October 15, 2021, the Company transferred the first installment of 165,729 shares of common

stock which resulted in the recognition of $4,143 expense that will be recorded in general and administrative expense in the fourth quarter of 2021.

Stock Plan

Upon the closing its IPO on October 15, 2021, the Company's 2021 Long-Term Incentive Plan ("2021 Plan") became effective. Initially, the 2021 Plan increases the number of shares of common stock available for the Company to issue by 18,023,020 shares and incorporates the outstanding awards under its prior plans. No new awards will be granted under the Company's prior plans. The maximum number of shares of common stock that may be issued under the 2021 Plan will not exceed 26,013,196 shares of common stock, which includes the new shares provided by the 2021 Plan and any shares of common stock subject to outstanding options or other awards under its prior plans.

Beginning on January 1, 2022 and continuing through January 1, 2031, the number of shares of common stock that will be reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year. The increase will be the lesser of (i) 5% of the total number of shares of our common stock outstanding on December 31 of the immediately preceding year or (ii) 18,023,020 shares, provided that before the date of any such increase, the Company's board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). The maximum number of shares of common stock that may be issued on the exercise of incentive stock options under the 2021 Plan is 26,013,196 shares.

Stock-based Compensation

The performance condition of the Company's RSUs was satisfied upon the closing of the Company's IPO on October 15, 2021. Accordingly, the Company will recognize approximately $13,100 of compensation expense in the three months ended December 31, 2021, representing the cumulative amount of expense that would have been recognized as of that date if the performance condition had been satisfied when the awards were originally granted. The Company will recognize the remaining grant date fair value of the RSUs over the remaining service period of the awards on an accelerated basis, also known as graded vesting.

Restated Charter

On October 15, 2021, the Company filed its restated certificate of incorporation with the Secretary of State of the State of Delaware and its amended and restated bylaws became effective immediately following the closing of the Company’s IPO. Under the restated certificate of incorporation, the Company is authorized to issue 1,600,000,000 shares of common stock, $0.001 par value per share, and 50,000,000 shares of preferred stock, $0.001 par value per share.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Consolidation and Presentation

Presentation Of Convertible Preferred Stock

Presentation of Convertible Preferred Stock

Impact of the COVID-19 Pandemic

Use of Estimates

Concentrations

Significant Services

Restricted Funds Held for Customers and Payment Service Obligations

Net Loss per Share

Nonqualified Deferred Compensation Plan

Contingent Liability

Contingent Liabilities

Fair Value Measurements

In accordance with applicable accounting standards, the Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The following is a brief description of those three levels:


Level 1	Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
Level 2	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active market and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3	Unobservable inputs that reflect the reporting entity’s own assumptions. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

Emerging Growth Status

Emerging Growth Company Status

Revision of Previously Issued Financial Statements


	Three Months Ended September 30, 2020 (As Reported)			Stock-based Compensation Adjustment			Three Months Ended September 30, 2020 (As Revised)
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$	21,047		$	(75	)	$	20,972
Sales and marketing		11,917			(154	)		11,763
Research and development		11,204			(149	)		11,055
General and administrative		10,522			(165	)		10,357
Total operating expenses		40,596			(468	)		40,128
Loss from operations		(14,043	)		543			(13,500	)
Loss before income taxes		(18,469	)		543			(17,926	)
Net loss		(18,527	)		543			(17,984	)
Net loss attributable to common stockholders		(24,104	)		543			(23,561	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.43	)	$	0.01		$	(0.42	)

Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders’ Deficit
Stock-based compensation	$	822		$	(543	)	$	279
Net loss		(18,527	)		543			(17,984	)


	Nine Months Ended September 30, 2020 (As Reported)			Stock-based Compensation Adjustment			Nine Months Ended September 30, 2020 (As Revised)
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$	61,843		$	(205	)	$	61,638
Sales and marketing		35,631			(352	)		35,279
Research and development		32,511			(355	)		32,156
General and administrative		31,175			(362	)		30,813
Total operating expenses		120,974			(1,069	)		119,905
Loss from operations		(49,752	)		1,274			(48,478	)
Loss before income taxes		(69,723	)		1,274			(68,449	)
Net loss		(69,898	)		1,274			(68,624	)
Net loss attributable to common stockholders		(85,894	)		1,274			(84,620	)
Net loss per share attributable to common stockholders, basic and diluted	$	(1.76	)	$	0.03		$	(1.73	)

Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders’ Deficit
Stock-based compensation	$	2,126		$	(1,274	)	$	852
Net loss		(69,898	)		1,274			(68,624	)
Additional paid-in capital, September 30, 2020		205,799			(1,274	)		204,525
Accumulated deficit, September 30, 2020		(493,748	)		1,274			(492,474	)

Consolidated Statements of Cash Flows
Net loss	$	(69,898	)	$	1,274		$	(68,624	)
Stock based compensation expense		2,126			(1,274	)		852

New Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting Pronouncements Issued but Not Yet Adopted

Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Revision of Previously Issued Financial Statements

As such, the accompanying unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2020 have been revised to correct for the error as reflected in the tables below:


	Three Months Ended September 30, 2020 (As Reported)			Stock-based Compensation Adjustment			Three Months Ended September 30, 2020 (As Revised)
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$	21,047		$	(75	)	$	20,972
Sales and marketing		11,917			(154	)		11,763
Research and development		11,204			(149	)		11,055
General and administrative		10,522			(165	)		10,357
Total operating expenses		40,596			(468	)		40,128
Loss from operations		(14,043	)		543			(13,500	)
Loss before income taxes		(18,469	)		543			(17,926	)
Net loss		(18,527	)		543			(17,984	)
Net loss attributable to common stockholders		(24,104	)		543			(23,561	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.43	)	$	0.01		$	(0.42	)

Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders’ Deficit
Stock-based compensation	$	822		$	(543	)	$	279
Net loss		(18,527	)		543			(17,984	)


	Nine Months Ended September 30, 2020 (As Reported)			Stock-based Compensation Adjustment			Nine Months Ended September 30, 2020 (As Revised)
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$	61,843		$	(205	)	$	61,638
Sales and marketing		35,631			(352	)		35,279
Research and development		32,511			(355	)		32,156
General and administrative		31,175			(362	)		30,813
Total operating expenses		120,974			(1,069	)		119,905
Loss from operations		(49,752	)		1,274			(48,478	)
Loss before income taxes		(69,723	)		1,274			(68,449	)
Net loss		(69,898	)		1,274			(68,624	)
Net loss attributable to common stockholders		(85,894	)		1,274			(84,620	)
Net loss per share attributable to common stockholders, basic and diluted	$	(1.76	)	$	0.03		$	(1.73	)

Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders’ Deficit
Stock-based compensation	$	2,126		$	(1,274	)	$	852
Net loss		(69,898	)		1,274			(68,624	)
Additional paid-in capital, September 30, 2020		205,799			(1,274	)		204,525
Accumulated deficit, September 30, 2020		(493,748	)		1,274			(492,474	)

Consolidated Statements of Cash Flows
Net loss	$	(69,898	)	$	1,274		$	(68,624	)
Stock based compensation expense		2,126			(1,274	)		852

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Revenues Disaggregated by Type of Services Performed

The table below presents the Company’s revenues disaggregated by type of services performed.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Software revenue	$	22,345	$	17,179	$	64,416	$	50,191
Payment revenue		42,173		30,099		112,793		81,906
Services revenue		658		322		1,935		968
Total revenues	$	65,176	$	47,600	$	179,144	$	133,065

Information on Accounts Receivable and Contract Liabilities

The table below presents information on accounts receivable and contract liabilities.


	As of September 30, 2021		As of December 31, 2020
Trade accounts receivable, net	$	9,721	$	8,977
Payment processing receivable, net		20,414		15,780
Accounts receivable, net	$	30,135	$	24,757
Contract liabilities	$	21,771	$	7,970

Significant Changes in Contract Liabilities Balance

Significant changes in the contract liabilities balance are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenue recognized included in beginning of period balance	$	(1,203	)	$	(871	)	$	(5,331	)	$	(3,298	)
Cash received, excluding amounts recognized as revenue during the period		14,340			933			19,132			3,730

Summary of Changes in Allowance for Doubtful Accounts

The tables below present a summary of changes in the Company’s allowance for doubtful accounts for the nine months ended September 30, 2021:


	Accounts Receivable			Supplier Advances
	Allowance			Receivable Allowance
Allowance for doubtful accounts, December 31, 2020	$	1,769		$	1,099
Amounts charged to contra revenue, cost of revenues and expenses		323			750
Amounts written off as uncollectable		(185	)		(1,137	)
Recoveries of amounts previously written off		-			96
Allowance for doubtful accounts, September 30, 2021	$	1,907		$	808


	Accounts Receivable			Supplier Advances
	Allowance			Receivable Allowance
Allowance for doubtful accounts, December 31, 2019	$	1,411		$	588
Amounts charged to contra revenue, cost of revenues and expenses		393			640
Amounts written off as uncollectable		(137	)		(588	)
Recoveries of amounts previously written off		-			64
Allowance for doubtful accounts, September 30, 2020	$	1,667		$	704

Schedule of Remaining Performance Obligation

Remaining performance obligation consisted of the following:


	Current		Noncurrent		Total
As of September 30, 2021	$	13,188	$	24,782	$	37,970
As of December 31, 2020		12,406		26,771		39,177

Information about Deferred Contract Costs

The following tables present information about deferred contract costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Capitalized sales commissions and implementation costs	$	3,625	$	3,350	$	10,025	$	9,305
Amortization of deferred contract costs
Costs to obtain contracts included in sales and marketing expense	$	1,325	$	1,432	$	3,788	$	3,360
Costs to fulfill contracts included in cost of revenue		1,404		1,266		4,052		3,388

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Summary of Preliminary Purchase Price Allocated to Assets Acquired and Liabilities Assumed Based on their Estimated Fair Values

In allocating the preliminary purchase price, the Company recorded the following assets acquired and liabilities assumed based on their estimated fair values at the date of the acquisition:


Consideration Transferred
Closing cash consideration, net of cash acquired	$	45,963
Common stock consideration		31,000
Contingent consideration		1,880
Deferred payment obligation		792
Call option		(4,118	)
Fair value of total consideration transferred	$	75,517


Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Current assets	$	2,115
Property and equipment		118
Operating lease right-of-use assets		561
Other noncurrent assets and deposits		90
Intangible assets
Customer relationships		18,000
Acquired technology		14,000
Trade name		2,500
Non-compete agreements		2,100
Goodwill		55,291
Total identifiable assets acquired		94,775
Accounts payable		3,240
Accrued Expenses		15,457
Lease Liabilities		561
Total liabilities assumed		19,258
Purchase price paid, net of cash acquired	$	75,517

Property and Equipment (Table)

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment as of September 30, 2021 and December 31, 2020 consists of the following:


		September 30,			December 31,
	Useful Life	2021			2020
Land	Indefinite	$	12,667		$	12,667
Office equipment	5 Years		2,048			2,046
Computer equipment	5 Years		14,353			13,508
Computer software	3 Years		3,219			2,946
Furniture	7 Years		7,388			7,334
Headquarters facilities	21-35 Years		68,484			68,484
Leasehold improvements	Shorter of lease term or useful life		8,822			8,683
			116,981			115,668
Less: Accumulated depreciation and amortization			(33,829	)		(28,796	)
Total property and equipment, net of accumulated depreciation and amortization		$	83,152		$	86,872

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Capitalized Software Development Costs

The following table presents information about capitalized software development costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Capitalized software development costs	2021		2020		2021		2020
Capitalized	$	4,504	$	2,810	$	12,582	$	7,959
Amortized		2,853		2,474		8,116		7,032

Schedule of Intangible Assets


	September 30, 2021
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount

Internally developed software	3 Years		64,690		(44,510	)		20,180
Non-compete	3 Years		2,100		(210	)		1,890
Customer relationships	9 Years		69,442		(19,176	)		50,266
Technology	7 Years		45,791		(20,953	)		24,838
Trade name	10 Years		7,747		(1,168	)		6,579
Total intangible assets		$	189,770	$	(86,017	)	$	103,753


	December 31, 2020
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount

Internally developed software	3 Years		52,903		(36,614	)		16,289
Customer relationships	8 Years		51,442		(14,032	)		37,410
Technology	5 Years		31,791		(17,523	)		14,268
Trade name	10 Years		5,246		(771	)		4,475
Total intangible assets		$	141,382	$	(68,940	)	$	72,442

Total Amortization Expense Associated with Identifiable Intangible Assets

Total amortization expense associated with identifiable intangible assets was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total amortization expense associated with identifiable intangible assets	$	6,528	$	5,138	$	17,297	$	15,167

Changes in Carrying Amount of Goodwill

The following table sets forth the changes in the carrying amount of the Company’s goodwill:


Goodwill
Balance at January 1, 2020	$	89,521
Acquisitions		16,175
Balance at December 31, 2020		105,696
Acquisitions		55,291
Balance at September 30, 2021	$	160,987

Impairment and Write-off of Intangible Assets

Impairment and write-off expense related to internally developed software projects was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Impairment and write-off of intangible assets	$	-	$	-	$	574	$	924

Leases and Leasing Commitments (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$	283	$	357	$	872	$	1,258
Operating cash flows for finance leases		1,853		1,837		5,537		5,355
Operating cash flows for operating leases		387		559		1,410		1,625
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		-		170		174		469
Operating lease liabilities		561		163		877		163

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021			2020
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	815	$	923		$	2,551		$	2,853
Interest on lease liabilities		2,068		2,063			6,204			6,039
Operating lease expense		311		305			931			907
Short-term lease cost		129		149			168			457
Variable lease cost		189		50			239			233
Sublease income		-		(62	)		(145	)		(187	)
Total lease cost	$	3,512	$	3,428		$	9,948		$	10,302

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt as of September 30, 2021 and December 31, 2020:


	September 30,			December 31,
	2021			2020
Term loan facility	$	95,000		$	95,000
Delayed draw term loan		7,840			5,552
Promissory note payable for land acquisition		3,000			3,000
Total principal due		105,840			103,552
Current portion of promissory note		(1,000	)		(1,000	)
Unamortized portion of debt issuance costs		(3,158	)		(4,106	)
Long-term debt	$	101,682		$	98,446

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Preferred Stock Classified as Mezzanine Equity

The Company’s preferred stock, which is classified as mezzanine equity in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 is as follows:


	As of September 30, 2021
	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Carrying Value
Series A		2,000,000		625,547	$	440	$	440
Series B		5,000,000		1,622,366		851		851
Series C		4,200,000		1,004,770		851		851
Series D		1,500,000		1,360,447		9,278		9,278
Series E		9,800,000		9,250,303		172,380		167,648
Series F		14,500,000		13,405,900		530,954		508,110
Junior Series 1		400,000		90,497		1,088		1,088
Senior Preferred		2,722,166		2,722,166		169,000		158,776
Redeemable Preferred		350,000		-		-		-
		40,472,166		30,081,996	$	884,842	$	847,042


	As of December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Carrying Value
Series A		2,000,000		625,547	$	440	$	440
Series B		5,000,000		1,622,366		851		851
Series C		4,200,000		1,004,770		851		851
Series D		1,500,000		1,360,447		9,278		9,278
Series E		9,800,000		9,250,303		172,380		167,648
Series F		14,500,000		13,405,900		530,954		508,110
Junior Series 1		400,000		90,497		1,088		1,088
Senior Preferred		2,722,166		2,722,166		169,000		144,359
Redeemable Preferred		350,000		-		-		-
		40,472,166		30,081,996	$	884,842	$	832,625

Stockholders' Equity and Convertible Common Stock Liability (Table)

9 Months Ended

Sep. 30, 2021

Stockholders Equity Note [Abstract]

Changes in Fair Value of Derivative Liability

The following table sets forth a summary of the changes in the fair value of the derivative liability, which is the Company’s only Level 3 financial instrument. As of September 30, 2021, no shares of convertible common stock are outstanding as such shares will only be issued upon conversion of the senior preferred stock.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Fair value, beginning of period	$	10,392	$	9,262	$	10,254	$	2,717
Change in fair value		14,552		-		14,690		6,545
Fair value, end of period	$	24,944	$	9,262	$	24,944	$	9,262

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

Stock option activity for the nine months ended September 30, 2021 was as follows:


	As of September 30, 2021
						Weighted Average
	Number of Stock			Weighted Average		Remaining		Aggregate
	Options Outstanding			Exercise Price		Contractual Life		Intrinsic Value
Balance as of December 31, 2020		4,208,700		$	4.53		7.20	$	31,852
Granted		2,246,444			12.15
Exercised		(894,224	)		2.93
Cancelled		(243,228	)		7.15
Expired		(6,836	)		0.06
Balance as of September 30, 2021		5,310,856		$	7.91		7.90	$	25,379
Vested and exercisable		2,047,828		$	4.21		6.28	$	17,356
Vested and expected to vest		5,100,370		$	7.77		7.85	$	25,082

Summary of RSUs Activity

RSUs activity for the nine months ended September 30, 2021 was as follows:


	Restricted Stock Units
	Number of Restricted			Weighted Average		Aggregate
	Stock Outstanding			Grant Date Fair Value		Intrinsic Value
Balance as of December 31, 2020		914,148		$	10.42
Granted		1,848,076			12.19
Cancelled		(206,780	)		11.33
Vested and converted to shares		-			-
Balance as of September 30, 2021		2,555,444		$	11.65	$	32,429

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenues	$	90	$	49	$	230	$	126
Sales and marketing		215		53		572		193
Research and development		174		32		460		106
General and administrative		678		145		1,847		427
Total	$	1,157	$	279	$	3,109	$	852

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Reduction (Increase) in General and Administrative Expenses

The reduction (increase) in general and administrative expenses recognized by the Company related to the 2014 Incentives and 2019 Incentives were as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021		2020
Business incentives	$	(270	)	$	324	$	73	$	970

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The table below sets forth the components of income tax expense:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021		2020
Current provision
Federal	$	-		$	-	$	-	$	-
State		(52	)		13		41		40
		(52	)		13		41		40
Deferred provision
Federal		44			37		133		111
State		10			8		29		24
		54			45		162		135
Provision for (benefit from) income taxes	$	2		$	58	$	203	$	175

Formation and Business of the Company - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021 Segment Unit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preferred stock converted into shares of common stock	4
Number of reportable segments \| Segment	1
Number of reporting units \| Unit	1

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2021
Schedule Of Accounting Policies [Line Items]
Service obligations liabilities	$ 837,155		$ 837,155
Unregulated settlements with payees	33,618		33,618
Customer funds held in trust accounts	$ 88,503		$ 88,503		$ 723,084
Anti dilutive potentially dilutive shares	122,484,570	122,484,570	121,821,200	121,821,200
Deferred compensation plan assets	$ 1,164		$ 1,164		663
Deferred compensation plan liabilities	$ 1,232		$ 1,232		$ 787
ASU No. 2018-15
Schedule Of Accounting Policies [Line Items]
Change in accounting principle, ASU, adopted [true false]						true
Change in accounting principle, ASU, Adoption date						Jan. 01, 2021
Change in accounting principle, ASU, Immaterial effect [true false]						true
Total Revenues \| Customer Concentration Risk \| Single Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage	51.00%	50.00%	50.00%	49.00%
Accounts Receivable \| Customer Concentration Risk \| Single Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage			66.00%		62.00%

Summary of Significant Accounting Policies - Revision of Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)	$ 25,792			$ 20,972			$ 71,343	$ 61,638
Sales and marketing	16,118			11,763			44,176	35,279
Research and development	15,672			11,055			43,225	32,156
General and administrative	15,564			10,357			45,498	30,813
Total operating expenses	55,518			40,128			155,807	119,905
Loss from operations	(16,134)			(13,500)			(48,006)	(48,478)
Loss before income taxes	(35,525)			(17,926)			(127,349)	(68,449)
Net loss	(35,527)			(17,984)			(127,552)	(68,624)
Net loss attributable to common stockholders	$ (40,539)			$ (23,561)			$ (141,969)	$ (84,620)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.71)			$ (0.42)			$ (2.60)	$ (1.73)
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stock-based compensation	$ 1,157	$ 1,105	$ 847	$ 279	$ 307	$ 266		$ 852
Net loss	(35,527)	(21,999)	(70,026)	(17,984)	(23,749)	(26,891)		(68,624)
Stockholders' Deficit	(569,914)	(559,373)	(534,348)	(287,887)	(437,924)	(443,348)	$ (569,914)	(287,887)	$ (511,107)	$ (411,782)
Consolidated Statements of Cash Flows
Net loss	(35,527)			(17,984)			(127,552)	(68,624)
Stock-based compensation							3,109	852
Additional Paid-in Capital
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stock-based compensation	1,157	1,105	847	279	307	266
Stockholders' Deficit	229,853	204,871	207,897	204,525	36,519	7,349	229,853	204,525	161,116	11,799
Accumulated Deficit
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Net loss	(35,527)	(21,999)	(70,026)	(17,984)	(23,749)	(26,891)
Stockholders' Deficit	$ (799,825)	$ (764,298)	$ (742,299)	(492,474)	$ (474,490)	$ (450,741)	$ (799,825)	(492,474)	$ (672,273)	$ (423,625)
As Reported
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)				21,047				61,843
Sales and marketing				11,917				35,631
Research and development				11,204				32,511
General and administrative				10,522				31,175
Total operating expenses				40,596				120,974
Loss from operations				(14,043)				(49,752)
Loss before income taxes				(18,469)				(69,723)
Net loss				(18,527)				(69,898)
Net loss attributable to common stockholders				$ (24,104)				$ (85,894)
Net loss per share attributable to common stockholders, basic and diluted				$ (0.43)				$ (1.76)
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stock-based compensation				$ 822				$ 2,126
Net loss				(18,527)				(69,898)
Consolidated Statements of Cash Flows
Net loss				(18,527)				(69,898)
Stock-based compensation								2,126
As Reported \| Additional Paid-in Capital
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stockholders' Deficit				205,799				205,799
As Reported \| Accumulated Deficit
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stockholders' Deficit				(493,748)				(493,748)
Stock-Base Compensation Adjustment
Consolidated Statement of Operations
Cost of revenues (exclusive of depreciation and amortization expense)				(75)				(205)
Sales and marketing				(154)				(352)
Research and development				(149)				(355)
General and administrative				(165)				(362)
Total operating expenses				(468)				(1,069)
Loss from operations				543				1,274
Loss before income taxes				543				1,274
Net loss				543				1,274
Net loss attributable to common stockholders				$ 543				$ 1,274
Net loss per share attributable to common stockholders, basic and diluted				$ 0.01				$ 0.03
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stock-based compensation				$ (543)				$ (1,274)
Net loss				543				1,274
Consolidated Statements of Cash Flows
Net loss				543				1,274
Stock-based compensation								(1,274)
Stock-Base Compensation Adjustment \| Additional Paid-in Capital
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stockholders' Deficit				(1,274)				(1,274)
Stock-Base Compensation Adjustment \| Accumulated Deficit
Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Deficit
Stockholders' Deficit				$ 1,274				$ 1,274

Revenue from Contracts with Customers - Schedule of Revenues Disaggregated by Type of Services Performed (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 65,176	$ 47,600	$ 179,144	$ 133,065
Software
Disaggregation Of Revenue [Line Items]
Total revenues	22,345	17,179	64,416	50,191
Payment
Disaggregation Of Revenue [Line Items]
Total revenues	42,173	30,099	112,793	81,906
Services
Disaggregation Of Revenue [Line Items]
Total revenues	$ 658	$ 322	$ 1,935	$ 968

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue from Contracts with Customers - Information on Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Trade accounts receivable, net	$ 9,721	$ 8,977
Payment processing receivable, net	20,414	15,780
Accounts receivable, net	30,135	24,757
Contract liabilities	$ 21,771	$ 7,970

Revenue from Contracts with Customers - Significant Changes in Contract Liabilities Balance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue recognized included in beginning of period balance	$ (1,203)	$ (871)	$ (5,331)	$ (3,298)
Cash received, excluding amounts recognized as revenue during the period	$ 14,340	$ 933	$ 19,132	$ 3,730

Revenue from Contracts with Customers - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable Allowance
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts, Beginning Balance	$ 1,769	$ 1,411
Amounts charged to contra revenue, cost of revenues and expenses	323	393
Amounts written off as uncollectable	(185)	(137)
Allowance for doubtful accounts, Ending Balance	1,907	1,667
Supplier Advances Receivable Allowance
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts, Beginning Balance	1,099	588
Amounts charged to contra revenue, cost of revenues and expenses	750	640
Amounts written off as uncollectable	(1,137)	(588)
Recoveries of amounts previously written off	96	64
Allowance for doubtful accounts, Ending Balance	$ 808	$ 704

Revenue from Contracts with Customers - Schedule of Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Current	$ 13,188	$ 12,406
Noncurrent	24,782	26,771
Total	$ 37,970	$ 39,177

Revenue from Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Contract acquisition and fulfillment costs, amortization method	straight-line basis
Contract acquisition and fulfillment costs, amortization period	5 years
Revenue remaining performance obligation contractual term	5 years

Revenue from Contracts with Customers - Information about Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Capitalized Contract Cost [Line Items]
Capitalized sales commissions and implementation costs	$ 3,625	$ 3,350	$ 10,025	$ 9,305
Costs to Obtain Contracts \| Sales and Marketing Expense
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	1,325	1,432	3,788	3,360
Costs to Fulfill Contracts \| Cost of Revenues
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	$ 1,404	$ 1,266	$ 4,052	$ 3,388

Business Combinations - Additional Information (Details) $ in Thousands					3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 24, 2021 USD ($) shares	Jul. 08, 2021 USD ($) shares	Dec. 30, 2020 USD ($) shares	Oct. 29, 2020 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 Business
Business Acquisition [Line Items]
Contingent consideration					$ 70		$ 70
Number of businesses acquired \| Business									2
FastPay
Business Acquisition [Line Items]
Business combination, consideration paid		$ 76,963
Business combination, cash payment		45,963
Business combination, value of shares issued		31,000
Business combination, potential additional payments		9,000
Contingent consideration		1,880
Deferred payment obligations		792
Business combination, contingent consideration payment	$ 1,000
Business combination, contingent consideration, cash payment	500
Business combination, contingent consideration, value of shares issued	$ 500
Common stock shares issued in call option transaction, value		4,118
Reduction to additional paid-in capital		$ 4,118
Acquired intangibles, weighted average useful life		12 years
Business combination, revenue					2,003	$ 2,003	2,003	$ 2,003
Business combination, operating expenses					$ 3,158	$ 3,158	$ 3,158	$ 3,158
FastPay \| Common Stock
Business Acquisition [Line Items]
Business combination, shares issued \| shares		2,529,944					2,570,748
Business combination, contingent consideration, shares issued \| shares	40,804
Core Associates
Business Acquisition [Line Items]
Business combination, consideration paid			$ 24,408
Business combination, cash payment			19,408
Business combination, value of shares issued			5,000
Business combination, cash acquired			$ 1,836
Core Associates \| Common Stock
Business Acquisition [Line Items]
Business combination, shares issued \| shares			102,016
Orbiion
Business Acquisition [Line Items]
Asset acquisition, consideration transferred				$ 1,409
Asset acquisition, consideration transferred, value of shares issued				$ 988
Orbiion \| Common Stock
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, shares issued \| shares				80,640

Business Combinations - Summary of Preliminary Purchase Price Allocated to Assets Acquired and Liabilities Assumed Based on their Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 08, 2021	Dec. 31, 2020	Dec. 31, 2019
Consideration Transferred
Contingent consideration	$ 70
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Goodwill	$ 160,987		$ 105,696	$ 89,521
FastPay
Consideration Transferred
Closing cash consideration, net of cash acquired		$ 45,963
Common stock consideration		31,000
Contingent consideration		1,880
Deferred payment obligation		792
Call option		(4,118)
Fair value of total consideration transferred		75,517
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Current assets		2,115
Property and equipment		118
Operating lease right-of-use assets		561
Other noncurrent assets and deposits		90
Goodwill		55,291
Total identifiable assets acquired		94,775
Accounts payable		3,240
Accrued Expenses		15,457
Lease Liabilities		561
Total liabilities assumed		19,258
Purchase price paid, net of cash acquired		75,517
FastPay \| Customer Relationships
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Intangible assets		18,000
FastPay \| Acquired Technology
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Intangible assets		14,000
FastPay \| Trade Name
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Intangible assets		2,500
FastPay \| Non-compete Agreements
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Intangible assets		$ 2,100

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 116,981	$ 115,668
Less: Accumulated depreciation and amortization	(33,829)	(28,796)
Total property and equipment, net of accumulated depreciation and amortization	$ 83,152	86,872
Land
Property Plant And Equipment [Line Items]
Useful Life	Indefinite
Property and equipment, gross	$ 12,667	12,667
Office Equipment
Property Plant And Equipment [Line Items]
Useful Life	5 years
Property and equipment, gross	$ 2,048	2,046
Computer Equipment
Property Plant And Equipment [Line Items]
Useful Life	5 years
Property and equipment, gross	$ 14,353	13,508
Computer Software
Property Plant And Equipment [Line Items]
Useful Life	3 years
Property and equipment, gross	$ 3,219	2,946
Furniture
Property Plant And Equipment [Line Items]
Useful Life	7 years
Property and equipment, gross	$ 7,388	7,334
Headquarters Facilities
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 68,484	68,484
Headquarters Facilities \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	21 years
Headquarters Facilities \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	35 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Useful Life	Shorter of lease term or useful life
Property and equipment, gross	$ 8,822	$ 8,683

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Line Items]
Depreciation and amortization expense			$ 22,334	$ 20,733
Property and Equipment
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 1,636	$ 1,815	5,037	5,568
Finance Leases
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 815	$ 923	$ 2,551	$ 2,853

Intangible Assets and Goodwill - Summary of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Movement in Capitalized Computer Software, Net [Roll Forward]
Capitalized	$ 4,504	$ 2,810	$ 12,582	$ 7,959
Amortized	$ 2,853	$ 2,474	$ 8,116	$ 7,032

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Amount	$ 189,770	$ 141,382
Accumulated Amortization	(86,017)	(68,940)
Net Amount	$ 103,753	$ 72,442
Internally Developed Software
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Useful Life	3 years	3 years
Gross Amount	$ 64,690	$ 52,903
Accumulated Amortization	(44,510)	(36,614)
Net Amount	$ 20,180	$ 16,289
Non-compete
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Useful Life	3 years
Gross Amount	$ 2,100
Accumulated Amortization	(210)
Net Amount	$ 1,890
Customer Relationships
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Useful Life	9 years	8 years
Gross Amount	$ 69,442	$ 51,442
Accumulated Amortization	(19,176)	(14,032)
Net Amount	$ 50,266	$ 37,410
Technology
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Useful Life	7 years	5 years
Gross Amount	$ 45,791	$ 31,791
Accumulated Amortization	(20,953)	(17,523)
Net Amount	$ 24,838	$ 14,268
Trade Name
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Useful Life	10 years	10 years
Gross Amount	$ 7,747	$ 5,246
Accumulated Amortization	(1,168)	(771)
Net Amount	$ 6,579	$ 4,475

Intangible Assets and Goodwill - Total Amortization Expense Associated with Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Total amortization expense associated with identifiable intangible assets	$ 6,528	$ 5,138	$ 17,297	$ 15,167

Intangible Assets and Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 105,696	$ 89,521
Acquisitions	55,291	16,175
Ending balance	$ 160,987	$ 105,696

Intangible Assets and Goodwill - Impairment and Write-off of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Impairment and write-off of intangible assets	$ 574	$ 924
Internally Developed Software
Finite-Lived Intangible Assets [Line Items]
Impairment and write-off of intangible assets	$ 574	$ 924

Leases and Leasing Commitments - Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$ 283	$ 357	$ 872	$ 1,258
Operating cash flows for finance leases	1,853	1,837	5,537	5,355
Operating cash flows for operating leases	387	559	1,410	1,625
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		170	174	469
Operating lease liabilities	$ 561	$ 163	$ 877	$ 163

Leases and Leasing Commitments - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finance lease cost
Amortization of right-of-use assets	$ 815	$ 923	$ 2,551	$ 2,853
Interest on lease liabilities	2,068	2,063	6,204	6,039
Operating lease expense	311	305	931	907
Short-term lease cost	129	149	168	457
Variable lease cost	189	50	239	233
Sublease income		(62)	(145)	(187)
Total lease cost	$ 3,512	$ 3,428	$ 9,948	$ 10,302

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal due	$ 105,840	$ 103,552
Current portion of promissory note	(1,000)	(1,000)
Unamortized portion of debt issuance costs	(3,158)	(4,106)
Long term debt	101,682	98,446
Term Loan Facility
Debt Instrument [Line Items]
Total principal due	95,000	95,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Total principal due	7,840	5,552
Promissory Note Payable for Land Acquisition
Debt Instrument [Line Items]
Total principal due	$ 3,000	$ 3,000

Long-Term Debt - Additional Information (Details)			3 Months Ended		9 Months Ended
Long-Term Debt - Additional Information (Details)	Oct. 01, 2019 USD ($)	Nov. 15, 2018 USD ($) LandParcels	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Deferred financing costs			$ 3,158,000		$ 3,158,000		$ 4,106,000
Amortization of deferred financing costs			$ 339,000	$ 339,000	1,018,000	$ 843,000
2019 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 163,500,000
Cash burn rate, threshold amount	$ (2,500,000)
2019 Credit Agreement \| First Three Years of Credit Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.00%
2019 Credit Agreement \| First Three Years of Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	9.00%
2019 Credit Agreement \| After Third Anniversary of Credit Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.50%
2019 Credit Agreement \| After Third Anniversary of Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.00%
2019 Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
2019 Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.00%
2019 Credit Agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest payment period	3 months
2019 Term Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 95,000,000
Line of credit facility, maturity date	Apr. 01, 2024
2019 Term Loans \| First Three Years of Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate	4.50%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 30,000,000
Line of credit facility, minimum increment amount	5,000,000
Line of credit facility, additional incremental amount	$ 500,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Line of credit facility, maturity date	Oct. 01, 2021
Interest DDTL
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 18,500,000
Line of credit facility, additional borrowing					$ 2,288,000
Line of credit facility, maturity date	Apr. 01, 2024
Interest DDTL \| 9.0 % Delayed Draw Term Loan
Debt Instrument [Line Items]
Interest rate			9.00%		9.00%
Interest DDTL \| 10.0% Delayed Draw Term Loan
Debt Instrument [Line Items]
Interest rate			10.00%		10.00%
2019 Revolver
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Line of credit facility, minimum increment amount	500,000
Line of credit facility, additional incremental amount	$ 100,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Line of credit facility, maturity date	Oct. 01, 2023
Line of credit facility, outstanding amount			$ 0		$ 0		0
Other Noncurrent Assets and Deposits
Debt Instrument [Line Items]
Deferred financing costs			$ 188,000		$ 188,000		$ 258,000
Promissory Note
Debt Instrument [Line Items]
Interest rate		6.75%
Number of land parcels purchased \| LandParcels		2
Debt instrument, principal amount		$ 5,000,000
Debt instrument, periodic payment, principal		$ 1,000,000
Debt instrument, maturity date		Nov. 15, 2023

Preferred Stock - Schedule of Preferred Stock Classified as Mezzanine Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized	40,472,166	40,472,166
Shares Issued	30,081,996	30,081,996
Shares Outstanding	30,081,996	30,081,996
Liquidation Preference	$ 884,842	$ 884,842
Carrying Value	$ 847,042	$ 832,625
Series A
Temporary Equity [Line Items]
Shares Authorized	2,000,000	2,000,000
Shares Issued	625,547	625,547
Shares Outstanding	625,547	625,547
Liquidation Preference	$ 440	$ 440
Carrying Value	$ 440	$ 440
Series B
Temporary Equity [Line Items]
Shares Authorized	5,000,000	5,000,000
Shares Issued	1,622,366	1,622,366
Shares Outstanding	1,622,366	1,622,366
Liquidation Preference	$ 851	$ 851
Carrying Value	$ 851	$ 851
Series C
Temporary Equity [Line Items]
Shares Authorized	4,200,000	4,200,000
Shares Issued	1,004,770	1,004,770
Shares Outstanding	1,004,770	1,004,770
Liquidation Preference	$ 851	$ 851
Carrying Value	$ 851	$ 851
Series D
Temporary Equity [Line Items]
Shares Authorized	1,500,000	1,500,000
Shares Issued	1,360,447	1,360,447
Shares Outstanding	1,360,447	1,360,447
Liquidation Preference	$ 9,278	$ 9,278
Carrying Value	$ 9,278	$ 9,278
Series E
Temporary Equity [Line Items]
Shares Authorized	9,800,000	9,800,000
Shares Issued	9,250,303	9,250,303
Shares Outstanding	9,250,303	9,250,303
Liquidation Preference	$ 172,380	$ 172,380
Carrying Value	$ 167,648	$ 167,648
Series F
Temporary Equity [Line Items]
Shares Authorized	14,500,000	14,500,000
Shares Issued	13,405,900	13,405,900
Shares Outstanding	13,405,900	13,405,900
Liquidation Preference	$ 530,954	$ 530,954
Carrying Value	$ 508,110	$ 508,110
Junior Series 1
Temporary Equity [Line Items]
Shares Authorized	400,000	400,000
Shares Issued	90,497	90,497
Shares Outstanding	90,497	90,497
Liquidation Preference	$ 1,088	$ 1,088
Carrying Value	$ 1,088	$ 1,088
Senior Preferred
Temporary Equity [Line Items]
Shares Authorized	2,722,166	2,722,166
Shares Issued	2,722,166	2,722,166
Shares Outstanding	2,722,166	2,722,166
Liquidation Preference	$ 169,000	$ 169,000
Carrying Value	$ 158,776	$ 144,359
Redeemable Preferred
Temporary Equity [Line Items]
Shares Authorized	350,000	350,000

Preferred Stock - Additional Information (Details)	9 Months Ended
Preferred Stock - Additional Information (Details)	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Temporary Equity [Line Items]
Temporary equity, par or stated value per share \| $ / shares	$ 0.001	$ 0.001
Shares Authorized	40,472,166	40,472,166
Dividends or other distributions on common stock \| $	$ 0
Preferred stock converted into shares of common stock	4
Redeemable Preferred
Temporary Equity [Line Items]
Shares Authorized	350,000	350,000
Cumulative annual dividends payable rate	12.00%
Preferred stock voting rights	no
Preferred shares transferable rate	130.00%
Conversion Redemption And Other Rights
Temporary Equity [Line Items]
Preferred stock voting rights	1/10
Total redemption amount \| $	$ 884,842,000	$ 884,842,000
Describe conversion features of preferred stock	Company, upon notice from a holder, which may be delivered at any time after October 1, 2026, or October 1, 2025 in the case of the senior preferred and redeemable preferred, to redeem for cash the holder’s shares at a designated price, less dividends and distributions. The Company has the right to redeem the shares in part over specified periods of time, not to exceed 18 months, depending on the series of preferred stock.
Series A
Temporary Equity [Line Items]
Shares Authorized	2,000,000	2,000,000
Preferred stock converted into shares of common stock	4
Senior Preferred Stock
Temporary Equity [Line Items]
Shares Authorized	2,722,166	2,722,166
Cumulative annual dividends payable rate	12.00%
Preferred stock voting rights	no
Preferred shares transferable rate	130.00%
Conversion rate	6.7227

Stockholders' Equity and Convertible Common Stock Liability - Additional Information (Details) - $ / shares			9 Months Ended
	Jul. 08, 2021	Jun. 24, 2021	Sep. 30, 2021	Sep. 29, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, par or stated value per share			$ 0.001				$ 0.001
Common stock, shares authorized			340,000,000	240,000,000			240,000,000
Common stock, shares, issued			57,600,488				50,054,880
Common stock, shares, outstanding			57,600,488				50,054,880
Donor Advised Fund
Class Of Stock [Line Items]
Percentage of issued and outstanding shares reserved		1.00%
Philanthropic Partner \| Donor Advised Fund
Class Of Stock [Line Items]
Common stock reserved for future issuance		1,657,296
Vesting period		10 years
Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding			57,600,488		54,603,812	54,316,848	50,054,880	62,462,624	47,288,056	44,035,584	44,014,700
Shares issuances of common stock			7,545,608
Weighted average price per share			$ 11.15
Remaining issuances shares			4,080,636
Common Stock \| FastPay
Class Of Stock [Line Items]
Business combination, shares issued	2,529,944		2,570,748
Convertible Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized			4,000,000	3,000,000
Common stock, shares, outstanding			0
Convertible common stock liability period			15 years
Conversion base price per common share			$ 11.94

Stockholders' Equity and Convertible Common Stock Liability - Changes in Fair Value of Derivative Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Fair value, beginning of period	$ 10,392	$ 9,262	$ 10,254	$ 2,717
Change in fair value	14,552	0	14,690	6,545
Fair value, end of period	$ 24,944	$ 9,262	$ 24,944	$ 9,262

Stock-Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 18, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 25, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense		$ 1,157,000	$ 279,000	$ 3,109,000	$ 852,000
Unamortized stock-based compensation expense		11,513,000		11,513,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized stock-based compensation expense		$ 27,736,000		$ 27,736,000
Weighted average amortization period				3 years 4 months 24 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average amortization period				3 years
Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				3 years
Granting period				5 years
Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Granting period				10 years
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	10,008,068					3,608,068
Increase in number of shares authorized	6,400,000
2020 Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense				$ 0
Expiration period				3 years
2020 Plan \| Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
2020 Plan \| Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				7 years

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Stock Options Outstanding, Beginning balance	4,208,700
Number of Stock Options, Granted	2,246,444
Number of Stock Options, Exercised	(894,224)
Number of Stock Options, Cancelled	(243,228)
Number of Stock Options, Expired	(6,836)
Number of Stock Options Outstanding, Ending balance	5,310,856	4,208,700
Number of Stock Options, Vested and exercisable	2,047,828
Number of Stock Options, Vested and expected to vest	5,100,370
Weighted Average Exercise Price, Beginning balance	$ 4.53
Weighted Average Exercise Price, Granted	12.15
Weighted Average Exercise Price, Exercised	2.93
Weighted Average Exercise Price, Cancelled	7.15
Weighted Average Exercise Price, Expired	0.06
Weighted Average Exercise Price, Ending balance	7.91	$ 4.53
Weighted Average Exercise Price, Vested and exercisable	4.21
Weighted Average Exercise Price, Vested and expected to vest	$ 7.77
Weighted Average Remaining Contractual Life	7 years 10 months 24 days	7 years 2 months 12 days
Weighted Average Remaining Contractual Life, Vested and exercisable	6 years 3 months 10 days
Weighted Average Remaining Contractual Life, Vested and expected to vest	7 years 10 months 6 days
Aggregate Intrinsic Value	$ 25,379	$ 31,852
Aggregate Intrinsic Value, Vested and exercisable	17,356
Aggregate Intrinsic Value, Vested and expected to vest	$ 25,082

Stock-Based Compensation - Summary of RSUs Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance \| shares	914,148
Number of Restricted Stock, Granted \| shares	1,848,076
Number of Restricted Stock, Cancelled \| shares	(206,780)
Number of Restricted Stock Outstanding, Ending balance \| shares	2,555,444
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 10.42
Weighted Average Grant Date Fair Value, Granted \| $ / shares	12.19
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	11.33
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 11.65
Aggregate Intrinsic Value, Ending balance \| $	$ 32,429

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,157	$ 279	$ 3,109	$ 852
Cost of Revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	90	49	230	126
Sales and Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	215	53	572	193
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	174	32	460	106
General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 678	$ 145	$ 1,847	$ 427

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2019	Dec. 31, 2017
Other Commitments [Line Items]
Fair value of incentives						$ 359,000
Grants receivable	$ 0	$ 0	$ 0	$ 0
Term of agreement			3 years
Agreement renewal period			3 years
Payments for sponsorship	0	$ 0	$ 364,000	$ 357,000
Agreement extension date			Feb. 28, 2022
Letter of Credit
Other Commitments [Line Items]
Debt instument collateral amount	5,953,000		$ 5,953,000
Debt Instrument, collateral fee			2.00%
Expiration date			Dec. 01, 2023
2014 Incentives [Member]
Other Commitments [Line Items]
Fair value of incentives	8,637,000		$ 8,637,000
2014 Incentives [Member] \| Maximum
Other Commitments [Line Items]
Grants receivable	$ 900,000		$ 900,000
Term of incentive			10 years
2014 Incentives [Member] \| Minimum
Other Commitments [Line Items]
Term of incentive			4 years
2019 Incentives [Member]
Other Commitments [Line Items]
Fair value of incentives					$ 22,937,000
Term of incentive			12 years
Payment for Incentive to vendor			$ 3,190,000

Commitments and Contingencies - Schedule of Reduction (Increase) in General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Business incentives	$ (270)	$ 324	$ 73	$ 970

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 19, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2015
CEO
Related Party Transaction [Line Items]
Software and consulting, provision of staffing and non-advisory financial services expenses incurred		$ 152,000	$ 163,000	$ 442,000	$ 348,000
Board of Directors
Related Party Transaction [Line Items]
Software and consulting, provision of staffing and non-advisory financial services expenses incurred		$ 146,000	22,000	330,000	95,000
FT Partners
Related Party Transaction [Line Items]
Payment made to related parties	$ 50,000,000
Subscribed to purchase shares of common stock	4,080,636
Consulting Agreements
Related Party Transaction [Line Items]
Common stock warrants						704,048
Warrants vesting percentage						20.00%
Warrants vesting percentage thereafter						10.00%
Warrants vesting period						60 months
Warrants exercise price						$ 2.04
Warrants fair value on issuance						$ 1.43
Warrants expiration date						Dec. 11, 2025
General and administrative expenses related to related party			$ 0	$ 0	$ 101,000

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Current provision
State	$ (52)	$ 13	$ 41	$ 40
Current provision	(52)	13	41	40
Deferred provision
Federal	44	37	133	111
State	10	8	29	24
Deferred provision	54	45	162	135
Provision for (benefit from) income taxes	$ 2	$ 58	$ 203	$ 175

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Subsequent Events - Additional Information (Details) - USD ($)							1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 01, 2022	Nov. 18, 2021	Oct. 15, 2021	Oct. 01, 2021	Jun. 24, 2021	Oct. 01, 2019	Jul. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 29, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Stock offering costs												$ 1,327,000
Stock based compensation expense									$ 1,157,000	$ 279,000	$ 3,109,000	852,000
Compensation expense											$ 3,109,000	$ 852,000
Common stock, shares authorized									340,000,000		340,000,000		240,000,000	240,000,000
Common stock par value									$ 0.001		$ 0.001			$ 0.001
Delayed Draw Term Loan
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity						$ 30,000,000
Expiration date						Oct. 01, 2021
Restricted Stock Units
Subsequent Event [Line Items]
New awards granted under prior plans											1,848,076
Restricted Stock Units \| Forecast
Subsequent Event [Line Items]
Compensation expense								$ 13,100,000
Philanthropic Partner \| Donor Advised Fund
Subsequent Event [Line Items]
Vesting period					10 years
Philanthropic Partner \| Donor Advised Fund \| First Anniversary \| Forecast
Subsequent Event [Line Items]
Stock based compensation expense								$ 4,143,000
FastPay \| Common Stock
Subsequent Event [Line Items]
Business combination, shares issued							1,239,973
Business combination, contingent consideration, shares issued							19,998
Overallotment Option \| Forecast
Subsequent Event [Line Items]
Number of shares sold		544,928
Public offering price		$ 25.00
Net proceeds from issuance of common stock		$ 12,806,000
Subsequent Event
Subsequent Event [Line Items]
Number of common shares issuable for redeemable preferred stock conversion			111,142,439
Preferred stock, redemption amount			$ 169,000,000
Number of shares issued for convertible common stock			1,455,308
Warrants outstanding			797,652
Common stock warrants			740,190
New awards granted under prior plans			0
Common stock, shares authorized			1,600,000,000
Common stock par value			$ 0.001
Preferred stock, shares authorized			50,000,000
Preferred stock par value			$ 0.001
Subsequent Event \| Philanthropic Partner \| Donor Advised Fund \| First Anniversary
Subsequent Event [Line Items]
Shares transferred			165,729
Subsequent Event \| Philanthropic Partner \| Donor Advised Fund \| Ten years
Subsequent Event [Line Items]
Vesting period				10 years
Percentage of shares pledged				10.00%
Subsequent Event \| FastPay \| Common Stock
Subsequent Event [Line Items]
Business combination return and cancellation of previously issued shares			1,310,777
Business combination return and cancellation of contingent consideration shares			20,806
Subsequent Event \| IPO
Subsequent Event [Line Items]
Number of shares sold			26,400,000
Public offering price			$ 25.00
Net proceeds from issuance of common stock			$ 620,400,000
Stock offering costs			$ 12,100,000
2021 Plan \| Forecast
Subsequent Event [Line Items]
Increase in number of shares of common stock to be issued	18,023,020
Maximum number of shares of common stock to be issued	26,013,196
Percentage of common stock outstanding	5.00%
2021 Plan \| Subsequent Event
Subsequent Event [Line Items]
Increase in number of shares of common stock to be issued			18,023,020
Maximum number of shares of common stock to be issued			26,013,196