Berlin-based automated accounting platform Candis raises $16m

Candis, an accounts payable (AP) processes automation solution, has raised $16 million in its latest funding round, led by Viola FinTech. Returning investors Lightspeed and Viola Ventures also took part.

The round brings its total funding to $30 million (previously, it raised €12 million in Series B in August 2020).

The Berlin, Germany-based paytech says it is now focused on extending its product offering with payments, building further integrations, doubling down on core invoice management functionality and expanding its team.

It will be launching company credit cards which will provide a central overview of all company expenses in real time. With the addition of this functionality, it claims to offer “a comprehensive solution to cover the whole flow of a customer spanning from purchase to payment”.

Candis says its product replaces Excel, email and signature folders – “the triangle of disaster” – with streamlined, automated processes.

It also boasts “smart integrations” with DATEV, Sage, Wolters Kluwer and other accounting platforms. “A critical by-product of account platform integration is an audit-ready invoice archive that simplifies compliance,” it adds.

“Finance departments are critical for businesses, especially SMEs and start-ups, yet the technology at their disposal hasn’t kept up with other departments, forcing them to deal with time-consuming manual processes,” says Christian Ritosek, CEO of Candis.

“This latest funding round is a critical step forward to help solve that fundamental issue and a recognition that our solution, both due to our technology and triple-digit growth over the past two years, is on the forefront.”

The company has reported a nine-fold increase in processing invoice volume to more than €20 billion in the last two years.

Candis says it has worked with over 4,000 customers and 200+ partners to date.