Exclusive: Candex Extends Series C To $40M+ To Help Enterprises Easily Onboard Global Vendors

For companies operating around the world, hiring vendors for one-off purchases in other countries can be a complicated process, eating up time and resources.

Onboarding new vendors often requires tax forms, compliance checks and obtaining bank information. For smaller, one-off tasks — say, ordering flowers for a one-time corporate event — all that overhead can prove more trouble than it’s worth.

Enter Candex. The New York-based startup aims to help large companies pay small, one-time, or irregular vendors without the administrative headache or risk that comes with onboarding them.

Candex essentially acts as a tech-based master vendor. A large company sets Candex up in its system once and when it wants to make a purchase from a small supplier, it pays Candex, which then handles the compliance, tax and payment delivery to the actual supplier.

Today, the company shared exclusively with Crunchbase News that it has raised funding from longtime customer London-based bank HSBC to extend last July’s 9Yards Capital-led $33 million Series C to $40 million. The company says the financing brings its total funding to over $120 million since its 2011 inception.