Fintech company Candex has raised $3.5 million in a seed funding round from Edenred Capital Partners, Partech Ventures, Advisors.Fund, Camp One Ventures, NFX, Tekton Ventures, Big Sur Ventures and fintech angel Mark Goines. The financing will help Candex expand its business with Fortune 500 and smaller companies.
With offices in Tel Aviv and San Francisco, the company was founded by Jeremy Lappin and Shani Vaza. Candex offers a simplified platform for companies to engage, track and pay small suppliers. This makes it easier for companies to take advantage of the gig economy and use more vendors than ever to compete and maintainer a leaner organization. In the typical large enterprise organization, admin layers across departments inefficiently cope with the 90% of tail service vendors that account for only 5% of expenditure. Administrative costs sometimes exceed the actual payments.
Candex cofounder and CEO Jeremy Lappin said, “It is amazing how much time and effort gets wasted when a typical organization tries to work with small vendors. Candex brings the speed and ease of consumer payment apps to large businesses, leveraging a private blockchain to ensure compliance and massively streamline financial system records.”
Candex allows creation of private eMarketplaces where employees engage with approved vendors through a chat interface, track activities and performance, and authorize payments below $100,000 with a few clicks. It empowers companies to remove thousands of vendor records from their financial systems and gives them a single counterparty for tax and compliance purposes. Enterprises that work with Candex are freed from repetitive admin burdens in vendor setup, payment exchange, taxes, and audits. Candex charges a small percentage of each payment and works with existing approval methodologies across hundreds of entities.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2018
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