Berlin based 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
In the last two years, the platform’s 20 billion processed invoices represented a 9x increase over the round. This makes the round aimed at further growth.
CANDIS’s company credit cards will provide a real-time overview of expenses. Having these cards will eliminate the need to wait weeks for a monthly statement, which is a significant time-saver. In addition, their solution covers the entire customer experience from purchase to payment. This eliminates the need to pass management’s card and is a hassle-free experience.
CANDIS CEO Christian Ritosek said, “This recent investment is a crucial step in solving the primary problem. It also recognizes that our solution, which is propelled by our technology and commercial growth of more than 100% over the last 2 years, is at the forefront. We anticipate growing our staff and improving our product. Most importantly, we want to make life much easier for finance departments.”
Tomer Michaeli, a General Partner at Viola Fintech, said that small to mid-sized businesses are critical to innovation and growth. However, they often face issues due to outdated manual processes that are hard to automate. CANDIS is an excellent solution for automating these processes, as said by Tomer. He continued by saying that CANDIS has an impressive customer base and strong growth. Consequently, Viola Fintech decided to partner with CANDIS in unlocking their full potential.
Financial teams benefit from bridges connecting them to other teams.
Small businesses and startups have less access to advanced technology than other departments. Because of this, they often use cumbersome manual methods to complete their finance processes.
CANDIS was co-founded by Christopher Becker and Christian Ritosek in 2015 in Berlin. The company’s name is an acronym for Communication Across Department Information Systems. CANDIS provides fast and easy access to information between departments, like finance and HR. This allows all decision makers to see relevant data in one place, instead of spending time with slow email chains.
The platform CANDIS offers a solution for small and medium-sized businesses in the form of an AI-driven cloud platform. Its easy-to-use interface allows users to access the platform anywhere without needing additional setup. CANDIS automates several financial processes such as data entry, invoice approval and receipt, exporting data and transaction reporting.
Over 200 different partners rely on key partners such as Berliner Sparkasse, DATEV and Commerzbank for growth.