SAN FRANCISCO, March 23, 2018 — Candex, the simplest way businesses engage, track and pay for high volume services, has raised $3.5 million of series seed funding from Edenred Capital Partners, Partech Ventures, Advisors.Fund, Camp One Ventures, NFX, Tekton Ventures, Big Sur Ventures and fintech angel Mark Goines. The financing positions Candex to accelerate its business in Fortune 500 customers and beyond.
Companies are taking advantage of the gig economy and using more vendors than ever to compete and stay nimble. In the typical large enterprise organization, admin layers across departments inefficiently cope with the 90 percent of tail service vendors that account for only five percent of spend. Sometimes the administrative costs exceed what is actually paid.