Following investments in Berlin-based compliance startup heyData and vegan egg startup Neggst, CANDIS, an intelligent software solution for automating accounts payable processes, has raised $16 million in funding.
The investment round was led by Viola FinTech (that backed Berlin-based Grover, an online subscription platform for electronics) with returning investors, Lightspeed (which invested recently in Wondermind and Alloy) and Viola Ventures also participated in the round. With this, the total funding raised by the company accounts for $30 million.
Plans to launch credit cards
The round is aimed at fueling further expansion after the platform recorded 20 billion processed invoices, a 9x increase over the past two years.
CANDIS will use the funds to launch company credit cards, which will provide a central overview of all company expenses in real time, eliminating the need to wait weeks for a monthly statement.By adding credit cards, CANDIS offers a comprehensive solution to cover the whole flow of a customer spanning from purchase to payment. Also, this will eliminate the need to pass the management’s card and will save both time and hassle.
Christian Ritosek, CEO of CANDIS said, “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. 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.”
“SMEs are critical to innovation and growth, yet its outdated manual processes are often the culprits for the issues they face”, said Tomer Michaeli, General Partner of Viola Fintech. “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. With a great team, a solid track record of growth, and an impressive number of customers that love their product, we’re excited to be partnering with CANDIS in unlocking their full potential.”
Bridges gap between finance and other teams
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.
Founded in 2015 by Christian Ritosek and Christopher Becker in Berlin, CANDIS bridges the gap between finance and other departments. The company enables effective communication between finance and other departments by providing all decision-makers with access to relevant information. Sharing information automatically in one document eliminates the need for endless, slow back-and-forth email chains.
The AI-driven platform for small and medium-sized enterprises automates financial processes such as invoice receipt, data entry, invoice approval, and data export. CANDIS offers a user-friendly and accessible cloud-based solution that can be used from anywhere and requires no onboarding.
Leading partners such as DATEV, Berliner Sparkasse, and Commerzbank play a pivotal role in growth amongst over 200 other partners.
