CANDIS, a Berlin, Germany-based fintech software provider, raised $16 million in its latest funding round to assist businesses in automating their accounts payable (AP) function, bringing CANDIS's total funding to $30 million.
The round was led by Viola FinTech and returning investor Lightspeed, and Viola Ventures also participated in the round. With a focus on the SME market, it will now concentrate on expanding its product offering with payments, building additional integrations, doubling down on core invoice management functionality, and expanding the team.
CANDIS will launch company credit cards that provide a central overview of all company expenses in real time, eliminating the need to wait weeks for a monthly statement.
Christian Ritosek, CEO of CANDIS, says: "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 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."
Company: CANDIS GmbH
Raised: $16.0M
Round: Unknown
Funding Month: September 2022
Lead Investors: Viola FinTech
Additional Investors: Lightspeed and Viola Ventures
Company Website: https://en.candis.io/
Software Category: Automated Financial Process
About the Company: Founded in 2015 by Christian Ritosek and Christopher Becker, CANDIS is an AI-driven platform that automates financial processes such as the receipt of invoices, data entry, invoice approval, and data export for small and medium-sized enterprises through artificial intelligence. Candis also provides other features, including a dashboard for centrally viewing financial records. CANDIS' software automatically collects bookkeeping documents from various sources, classifies and authenticates the data, and generates approval processes, real-time insights, and payments for accounts payables. The company is headquartered in Berlin and Bamberg, Germany.
Source: https://fintechmagazine.com/articles/candis-raises-another-us-16mn-to-automate-accounts-payable