Enterprise payments firm Candex has raised $20 million as part of a Series A funding round led by Altos Ventures and joined by NFX, American Express Ventures, and JP Morgan.
Founded in 2011, Candex acts as a master vendor for all small suppliers, allowing enterprises to pay Candex directly, which then remits payment to the suppliers.
Once set up with the Candex technology, a buyer only has to deal only with the San Francisco firm as the approved master vendor and make payments to vendors locally and throughout the world.
The new funding will be used to expand the Candex proprietary platform.
Jeremy Lappin, CEO, Candex, says: "The Candex system fixes a glaring failure in how major organisations pay their vendors - a process that typically costs significant resources for setup, support, tax, finance and legal and takes months via traditional systems. Candex makes it simple, fast and compliant."