Candis, a company looking to simplify accounts payable processes, has raised €15.9m from a recent funding round.
The round was led by Viola FinTech and also saw participation from Viola Ventures and Lightspeed. Following this raise, Candis has raised a total of €22.9m since inception.
According to EU Startups, Candis is aiming to tackle the issue of simplifying financial processes that require firms to jump between teams and software tools. In addition, miscommunication and a lack of centralised collaboration can result from complicated financial processes.
The result of this convolution is that payments are missed, time-consuming problems arise and mistrust can fester.
To deal with this, Candis has created an intelligent software solution that can support SMEs to automate financial processes such as data entry, data export, invoice approval and invoice receipt.
The Candis platform ensures that missed discounts and payments or late fees are no longer time-consuming and costly to SMEs, by learning to build intelligent approval workflows.
EU Startups highlighted that the automation of the financial processes is fuelled by AI tech and a cloud-based combined element solution that ensures access from anywhere with no onboarding required.
Candis plans to use this new investment to expand its product offering with payments, doubling down on core invoice management functionality, building further integrations and expanding its team.
The company is also launching company credit cards to help provide an overview of all firm expenses in real-time, removing the requirement to wait weeks for a monthly statement.
Candis CEO Christian Ritosek said, “Finance departments are critical for businesses, especially SMEs and startups, yet the technology at their disposal hasn’t kept up with other departments, forcing them to deal with time-consuming manual processes.”
“This latest funding round is a critical step forward to help solve a fundamental issue and a recognition that our solution, both due to our technology and triple-digit growth over the past two years, is on the forefront. We look forward to continuing to build upon that growth, improve our product, expand our team, and most importantly, make the lives of finance departments far easier.”
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