Tackle the “Tail” Tech Co Candex Secures $20 Million Funding

Having issues with automating your low-volume and low-value invoices from your “tail” suppliers? Candex, founded in 2011, has been refining their solution over the years to help tackle the so-called tail. Anyone who was nervous to take the plunge with them can now take confidence, as two financial giants, American Express and JPMorgan, recently joined a Series A round raising $20 million.

Sharedserviceslink has been following Candex since 2018 and partnered with them later that year on a webinar https://www.sharespace.digital/webinar/tail-small-payments-big-problem

We are excited about this development. Shared Services orgs, and Accounts Payable departments struggle with the tail, and the Candex solution provides a sustainable solution by acting as a master vendor for all small suppliers, allowing buyers to pay Candex directly, which then remits the payment on to the supplier.

This means buyer companies significantly reduce the number of tail suppliers, resulting in cost reduction, more efficient processes, improved data accuracy and a more streamlined AP operation.

According to Jeremy Lappin, co-founder of Candex, “Amex and JP Morgan invested because they recognize that we are becoming a must-have solution to their most important large enterprise clients.  Through our platform, they can easily extend their supply chain financing and card programs to small vendors that couldn't otherwise participate with them.

“For our prospects, with Candex, they can reduce their vendor master by the 80% of vendors (the ones getting only 5% of spend), and it makes their organizations feel automated, compliant, and fast!”