Candex Secures $40 Million Series C Extension from HSBC

New York-based fintech startup Candex has extended its Series C funding to $40 million through a strategic investment from HSBC, building on its $33 million raise led by 9Yards Capital in July of the previous year, according to Crunchbase News.

The Funding Details

Candex, founded in 2011 by Jeremy Lappin and Shani Vaza, received the additional funding from HSBC, bringing its total funding to over $120 million. Existing backers in the round include Goldman Sachs Asset Management, JP Morgan, American Express Ventures, and 9Yards Capital. The company operates as a tech-based master vendor that helps large companies pay small, one-time, or irregular vendors without requiring full onboarding, such as handling compliance checks, tax forms, and bank information.

Candex’s Operations and Growth

Candex has surpassed $1 billion in payments and counts hundreds of Fortune 2000 companies among its customers, including HSBC, Sanofi, Diageo, Roche, Colgate-Palmolive, Danone, and Dell Technologies. The startup earns revenue primarily through transaction fees on purchases made via its platform and uses automation and AI for invoice and tax verification. It employs more than 270 people and operates in over 50 countries, focusing on solving tail spend by integrating with existing enterprise systems.

Market Context and Future Plans

The raise occurs as global funding to VC-backed fintech startups reached around $53 billion in 2025, a 27% increase from 2024, according to Crunchbase data. Candex plans to use the new capital to expand its footprint in Asia and the Middle East and further automate its offerings. As fintech has become a widely recognized sector for streamlining business processes, this funding aligns with trends in automation adoption. HSBC, as a longtime customer, invested to improve vendor management and operational efficiency at scale, according to Crunchbase News.