Candex Raises $40M to Revolutionize Global Vendor Onboarding for Enterprises

Candex, a New York-based startup, has secured $40 million in a Series C extension from HSBC, bringing its total funding to over $120 million. This investment is a significant milestone for the company, which aims to simplify the process of onboarding global vendors for large enterprises.



Before Candex, hiring vendors for one-off purchases in other countries was a complex and time-consuming process, requiring tax forms, compliance checks, and bank information. This overhead often made it more trouble than it was worth, especially for smaller tasks. Candex solves this problem by acting as a tech-based master vendor, handling compliance, tax, and payment delivery to the actual supplier.



The company's platform is designed to work within existing enterprise systems, making it easy for companies to adopt without changing their procurement processes. Candex's use of automation and AI for invoice and tax verification is a key differentiator, setting it apart from other solutions. With this new funding, Candex plans to expand globally, particularly in Asia and the Middle East, and further automate its offering.



The implications of Candex's solution extend beyond just simplifying vendor onboarding. For everyday users, this could mean faster and more efficient procurement processes, resulting in cost savings and improved productivity. From an industry perspective, Candex's platform has the potential to reshape how companies manage their tail spend, which accounts for a significant portion of their total expenditure.



As the fintech industry continues to grow, with global funding to VC-backed financial technology startups totaling around $53 billion in 2025, Candex is well-positioned to capitalize on this trend. With its strong customer base, including hundreds of Fortune 2000 companies, and its commitment to innovation and automation, Candex is poised to make a significant impact on the enterprise procurement landscape.



The company's founders, Jeremy Lappin and Shani Vaza, have a clear vision for the future of procurement, and with this new funding, they are one step closer to achieving it. As Candex continues to grow and expand its offerings, it will be interesting to see how it navigates the complex world of enterprise procurement and how its solution evolves to meet the changing needs of its customers.