Tekton Ventures, Big Sur Ventures and fintech angel Mark Goines are also part of the series seed funding.
Companies are taking advantage of the gig economy and using more vendors than ever to compete and stay nimble. In the typical large enterprise organisation, admin layers across departments inefficiently cope with the 90% of tail service vendors that account for only 5% of spend. Sometimes the administrative costs exceed what is actually paid.
Candex allows creation of private e-marketplaces where employees engage with approved vendors through a chat interface, track activities and performance, and authorize payments below USD 100,000 with a few clicks. It helps companies to remove thousands of vendor records from their financial systems and gives them a single counterparty for tax and compliance purposes.
Candex charges a percentage of each payment and works with existing approval methodologies across hundreds of entities.
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