Candex, a technology-based vendor management platform focused on simplifying enterprise tail spend, has extended its Series C funding round to more than $40 million with a strategic investment from HSBC, bringing total funding to over $120 million.
The new capital adds HSBC to an investor base that already includes Goldman Sachs, Altos Ventures, 9Yards Capital, Hedosophia, NFX, Craft Ventures, World Innovation Labs, JPMorgan, and American Express. The investment reflects a deepening relationship, as HSBC is also an existing customer using Candex’s platform to streamline vendor onboarding and payments across its global operations.
Candex addresses a longstanding challenge for large enterprises: managing thousands of small, low-value vendor transactions across multiple jurisdictions, currencies, and regulatory environments. The company operates as a “master vendor,” enabling organizations to consolidate, automate, and control these fragmented supplier relationships through a single platform.
The company says its solution helps reduce complexity, improve compliance, and increase efficiency in procurement and finance operations. By automating onboarding and payment workflows, Candex enables enterprises to manage high volumes of suppliers while minimizing risk and administrative burden.
Operating in more than 50 countries, Candex supports localized payments and compliance processes. In 2025, the platform processed well over $1 billion in vendor payments, underscoring its growing adoption among large multinational organizations.
Candex’s customer base includes major global companies such as Diageo, Danone, Roche, and Sanofi. The company plans to use the new funding to expand its global infrastructure, grow its presence in Asia, and further enhance its platform capabilities for handling complex, high-volume supplier ecosystems.
The company was co-founded by CEO Jeremy Lappin and Chief R&D Officer Shani Vaza. Its platform aims to reduce vendor master complexity by as much as 80%, while providing centralized visibility and reporting across tail-spend activities.
KEY QUOTES:
“Fragmented supplier networks and rising regulatory demands have turned tail spend into a hidden source of risk, cost and inefficiency. Companies engage thousands of smaller vendors in several countries, each subject to different tax and compliance requirements. Managing those relationships with legacy systems creates friction and exposure. We’re redefining how enterprises manage tail spend, bringing automation and control to a category long considered too complex and costly to optimize. HSBC is one of the most global financial houses, which aligns well with our global strategy. They are also a long-term customer of Candex, which attests to just how effective our solution has been in the management of their tail spend.”
Jeremy Lappin, CEO of Candex
“Our decision to invest in Candex reflects the strength of our existing partnership and the value the platform delivers in a complex, global enterprise environment. We see Candex as a differentiated solution for helping large organizations improve vendor management and operational efficiency at scale.”
Craig Cuffie, Group Chief Procurement Officer at HSBC
“We are very pleased to expand our partnership with Candex following a successful period of collaboration. Their approach to procurement addresses a clear and growing need for large enterprises, and we are excited to support the team as they continue to scale and deliver meaningful value to global organisations.”
Moran Levinovitz, Group Head of Ventures at HSBC
