Vendor payment system Candex said to raise $20m in its Series A round

Candex, which manages payments between companies and their vendors, has reportedly scored $20m in Series A funding.

Altos Ventures served as the lead investor, with commitments also coming from NFX, American Express and JP Morgan, according to a report from FinLedger.

Capital from the round will be used to enhance its products and launch its services into additional countries, such as Japan, Russia, Brazil, China, Turkey and Egypt. The platform is currently available in 21 countries, but it hopes to reach 31.

Candex also hopes to increase the size of its team from 30 to reach between 45 and 50 by the end of the year.

The FinTech has witnessed strong growth over the past year. It claims it had a 35% growth each month, month-over-month in 2020.

Candex is a trading partner for both buyers and sellers. Its technology enables businesses of all sizes to engage, track and pay for any good or service.

Candex CEO and co-founder Jeremy Lappin told FinLedger, “The big guys are so complicated that they’re often overlooked. We’re one of the few providers that’s able to handle the complexities of these large multinational organizations with 1,000 entities across the world.”

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