We're excited to announce today WiL’s investment in Candex as part of their Series B round of financing.
For Global 2000 companies, paying small vendors in multiple countries (aka “tail spend”) is an expensive and time consuming process. Small vendors need to go through KYB, local taxes need to be calculated, and international payments need to be sent. The process of setting up a new small vendor can often take months. Candex looks to solve this tail spend problem with a tool that allows managers to set up and pay suppliers in minutes.
Since its founding in 2011, Candex has built operations to pay vendors in over 50 countries and key integrations with Coupa, SAP Ariba, Oracle Fusion and other procurement tools. Dozens of leading global corporations including Dell, Roche and HSBC are already enjoying the benefits of using the platform.
We first crossed paths with CEO Jeremy Lappin and his team last year, when they looked into expanding into Japan. Over the past year, WiL has helped the Candex team navigate local regulations, set up a local bank account and hire their Japan country manager. Our partnership is continuing to evolve, and there are a number of places for it to grow — for one, many of the companies in our network of Japanese corporate partners are in need of a system like Candex.
We look forward to continuing to help Candex grow in Japan as an important part of its global expansion and are thrilled to be a part of their journey to solve the tail spend problem for companies all around the globe.
