Accounting software CANDIS collects €12m in its latest funding round

Automated accounting and payment processing platform CANDIS has collected €12m in a funding round, which will help it expand across Europe.

Viola Ventures and Rabo Frontier Ventures served as the lead investors to the round, with participation also coming from previous CANDIS backers Lightspeed Venture Partners, Point Nine Capital, Speedinvest and 42CAP.

With this equity injection, the company plans to further the development of its machine learning engine, fuel its growth and continue its European expansion.

CANDIS automated manual bookkeeping, accounting and B2B payments for mid-market companies through machine learning technology. The FinTech claims its software automates over 80% of all classic accounting processes and facilitates efficient collaboration with tax accounting firms across Europe.

Its software can automatically collect bookkeeping documents from a variety of sources, classifies and authenticates the data, generates approval processes and real-time insights and payments for accounts payables.

Viola Ventures partner Omry Ben David said, “SMBs in Central Europe have a void when it comes to efficient and effective accounting and financial processes.

“CANDIS is well positioned to become the go-to platform in Europe for the automation of bookkeeping, accounting and payment processes, as well as for the provision of financial insights and benchmarks. This comprehensive suite will undoubtedly deliver better SMB compliance, decision making and growth.”

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