Candex Raises $40M Series C Extension Led by HSBC to Revolutionize Global Vendor Onboarding for Enterprises

Candex, a leading New York-based fintech startup, has secured a $40 million Series C extension led by HSBC.

This funding brings the total Series C round to $73 million and pushes the company's overall funding past $120 million since its inception.

Streamlining Enterprise Vendor Management

Founded in 2011 by co-founders Jeremy Lappin and Shani Vaza, Candex addresses the challenges of onboarding and paying small, one-off global vendors for large enterprises.

The platform acts as a tech-based master vendor, handling compliance checks, tax forms, and payments without requiring companies to alter their existing procure-to-pay processes.

Leveraging automation and AI, Candex verifies invoices and taxes, enabling seamless integration into enterprise systems worldwide.

Prominent customers such as HSBC, Sanofi, Diageo, Roche, Colgate-Palmolive, Danone, and Dell Technologies rely on Candex for managing tail spend across more than 50 countries.

“Candex does not ask companies to change how they buy. It works within their existing procure-to-pay process,” said Jeremy Lappin, co-founder and CEO.

Global Expansion and Future Impact

Craig Cuffie, group chief procurement officer at HSBC, noted, “We see Candex as a differentiated solution for helping large organizations improve vendor management and operational efficiency at scale.”

The new capital will fuel Candex's expansion into Asia and the Middle East while enhancing platform automation.

With over 270 employees, the company surpassed $1 billion in payments processed in 2025, demonstrating significant market traction.

This raise aligns with a broader resurgence in fintech funding, highlighting investor confidence in solutions that boost enterprise efficiency amid global operations.

By simplifying tail spend management, Candex promises substantial cost savings and reduced administrative burdens for Fortune 2000 companies worldwide.