Candex, a vendor management and tail-spend solutions provider for global enterprises, has extended its Series C funding round to over $40m following a strategic investment from HSBC.
The raise brings Candex’s total funding to over $120m, with HSBC joining an existing investor base that includes Goldman Sachs, Altos Ventures, 9Yards Capital, Hedosophia, NFX, Craft Ventures, World Innovation Labs, JPMorgan, and American Express.
The investment is intended to support Candex’s long-term vision to transform high-volume, small-value supplier transactions into a fast, automated, and fully controlled component of enterprise finance.
New funding will specifically be directed towards accelerating investment in Candex’s global infrastructure, expanding its footprint in Asia, and deepening the platform’s capabilities for managing high-volume supplier activity across complex regulatory environments.
HSBC is both a customer and a strategic partner of Candex, using the platform to streamline vendor onboarding and payments across its global operations. The investment builds on this existing relationship and reflects a shared focus on improving how large enterprises manage and pay thousands of smaller suppliers worldwide.
Candex operates as a technology-based master vendor, enabling enterprises to onboard and pay thousands of suppliers in a fast, compliant manner across more than 50 countries. The platform automates compliance and pays suppliers in their local markets, reducing the risks associated with tail spend management.
Candex CEO Jeremy Lappin said, “Fragmented supplier networks and rising regulatory demands have turned tail spend into a hidden source of risk, cost and inefficiency.
“Companies engage thousands of smaller vendors in several countries, each subject to different tax and compliance requirements. Managing those relationships with legacy systems creates friction and exposure. We’re redefining how enterprises manage tail spend, bringing automation and control to a category long considered too complex and costly to optimize.”
HSBC group chief procurement officer Craig Cuffie said, “Our decision to invest in Candex reflects the strength of our existing partnership and the value the platform delivers in a complex, global enterprise environment. We see Candex as a differentiated solution for helping large organizations improve vendor management and operational efficiency at scale.”
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