Shani Vaza VP R&D (Co-Founder) at Candex (Linkedin)
Candex, an Israeli fintech startup established to “solve the tail spend problem,” raised $45 million in a Series B investment led by Goldman Sachs with participation from WiL (World Innovation Lab). The company has now raised $85 million to date.
Tail spend is the portion of an organization’s spending that consists of a high number of small, infrequent transactions with a large number of suppliers. This spending is often overlooked because it is seen as insignificant, but it can actually add up to a significant amount of money. In fact, tail spend can account for 20% or more of an organization’s total spending.
Tail spend can be difficult to manage because it is often decentralized and not subject to the same controls as larger expenditures.
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Founded in 2016 by Jeremy Lappin and Shani Vaza, Candex is a fintech consolidator for large organizations so that they can “make purchases from one-time, irregular and low risk suppliers using existing P2P processes.” Candex operates globally managing setup, support, tax and regulatory complexity – “making it simple, fast, and compliant to pay suppliers even across borders and cross currencies.” Available in multiple deliveries, Candex works directly within existing e-procurement systems, via bulk uploads, or integrated into any workflow via API. In the end – Candex completely takes care of the 70-80% of vendors getting 3-5% of spend; ensures that “No PO, No Pay” becomes achievable; and the efficiency is so remarkable that our clients enter a sort of procurement zen.
“Candex saw growth as a result of the pandemic, as companies moved to automate and digitize more areas of their business — including purchasing,” the firm’s CEO Jeremy Lappin told TechCrunch. “Candex has also been insulated from the tech slowdown for some of the same reasons, plus the stability of a client base in the Global 2000 and a revenue model that grows over time in our clients. We believe we will continue to win new logos and grow our business powerfully no matter the economic headwinds faced by the broader economy.”
