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.
Enter Berlin-based software platform for automating accounts payable processes, CANDIS, which is attempting to close the gap between finance and other departments. The AI-driven platform for SMEs automates financial processes such as invoice receipt, data entry, invoice approval, and data export. The company claims its product serves hundreds of customers across industries by replacing the triangle of disaster: Excel, e-mail, and signature folders with streamlined, automated processes. The startup offers a user-friendly and accessible cloud-based solution that can be used from anywhere and requires no onboarding.
The company has raised $16 million in funding. The investment was led by Viola FinTech, with returning investors, Lightspeed and Viola Ventures also participating in the round. The platform had earlier brought in $14 million in a Series B round in 2020. The new capital infusion brings the total funding raised by the company to $30 million.
According to CANDIS, over the past two years, it has increased the volume of the processed invoices 9x, reaching €20 billion in total.
Going forward, the German startup will unveil 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.
Christian Ritosek, CEO of CANDIS said: “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.”
Tomer Michaeli, general partner of Viola Fintech added: “SMEs are critical to innovation and growth, yet its outdated manual processes are often the culprits for the issues they face. 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.”