CANDIS Raises $16M to Provide SMEs Easy-to-Use Automated Invoice Management

CANDIS, the leading intelligent software solution for automating accounts payable processes, has raised $16M in their latest funding round, led by Viola FinTech, with returning investors, Lightspeed and Viola Ventures also participating. The round brings their total funding to $30M and follows strong growth over the past two years, in which CANDIS’s processed invoice volume grew 9x to more than 20B. CANDIS is now focused on extending its product offering with payments, building further integrations, doubling down on core invoice management functionality, and expanding their team.

With the latest funding, CANDIS will now also be launching 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. With each employee having their own card, there will be no need to pass around management’s card (while ensuring they still have the control, security and transparency necessary), saving time and hassle. By adding credit cards, CANDIS offers a comprehensive solution to cover the whole flow of a customer spanning from purchase to payment.

CANDIS’s product dynamically serves hundreds of customers across industries by replacing the “triangle of disaster”: Excel, Email, and Signature Folders with streamlined, automated processes. Implementing automated processes also fosters critical communication between teams, creating a shared truth and enabling easy collaboration. The user-friendly platform ensures that missed discounts, missed payments, or late fees are no longer costly and time-consuming issues, organically learning to build intelligent approval workflows. The automation of financial processes such as invoice receipt, data entry, invoice approval and data export on CANDIS’s platform is driven by their AI and a cloud-based combined-element solution, ensuring access from anywhere with no onboarding necessary.

Closing the gap between finance and other departments is important in enabling finance to carry out their jobs more successfully. CANDIS 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. Smart integrations with DATEV, Sage, Wolters Kluwer, and more further enhance the user experience enabling seamless exportation of invoice data into the preferred accounting platforms. A critical byproduct of account platform integration is an audit-ready invoice archive that simplifies compliance.

“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”, says Christian Ritosek, CEO of CANDIS. “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”, says 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.”