Payments support platform Candex has secured $3.5m in its Seed funding round.
Contributions to the round came from Edenred Capital Partners, Partech Ventures, Advisors.Fund, Camp One Ventures, NFX, Tekton Ventures, Big Sur Ventures and angel investor Mark Goines.
Canedx creates private e-marketplaces where employees engage with approved vendors through chat interfaces, track activities and performance, and authorise payments under $100,000. Through platform, users can access a real-time payments, engagement and review feed, as well as open direct chat with partners and send invoices.
The company charges a small percentage of each payment and uses existing approval methodologies across hundreds of entities.
Through the equity injection, Candex hopes to boost adoption by Fortune 500 companies and more, according to the company.
Candex co-founder 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.”
Earlier in the year, Partech Ventures led the $2.5m seed investment in to QuasarDB, a real-time data platform for financial markets.
Last year, the payments and remittances sector saw a two quarter decline at the end of the year. Funding more than halved from Q2 to Q4, dropping to $1.4bn, the lowest levels of the year.
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