German accounts payable (AP) automation software provider Candis has reportedly raised $16 million in funding and said it will use the new investment to continue to expand.
The platform has recorded 20 billion processed invoices — a ninefold increase in two years, Tech Funding News (TFN) reported Wednesday (Sept. 14).
Candis will also use the funding to launch company credit cards, expanding its comprehensive solution to cover everything from purchase to payment. The cards will provide a real-time overview of company expenses and eliminate the hassle of using the management’s card, according to the report.
“This latest funding round is a critical step forward to help solve that 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,” Candis CEO Christian Ritosek said, per the report. “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 much easier.”
This fundraise follows a July 2020 Series B investment round that raised $14.2 million.
As PYMNTS reported at the time, the Candis platform aims to arm small and medium-sized businesses (SMBs) with automated technologies to manage finances and streamlined collaboration with tax accounting firms.
Following the most recent fundraise, a representative of Viola FinTech, which led the investment round, said that SMBs are critical to innovation and growth but often have to deal with AP processes that are outdated and manual.
“CANDIS is one of the best solutions we’ve seen across any department when it comes to upgrading and automating this process to level the playing field and boost SMBs,” Viola FinTech General Partner Tomer Michaeli said, per the report, adding “we’re excited to be partnering with CANDIS in unlocking their full potential.”