Candis, a startup developing a platform for automated accounting and payment processes, raised €12 million (~$14 million) in a Series B financing round.
The round was led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank. Existing investors Lightspeed Venture Partners, Point Nine Capital, Speedinvest, and 42CAP also participated.
The company intends to use the new capital to develop its machine learning engine and fuel growth and expansion within Europe.
Candis was founded in 2015 by Christopher Becker and Christian Ritosek to automate manual bookkeeping processes with intelligent software. Today, the company’s software automates more than 80% of all classic accounting processes and facilitates efficient collaboration with tax accounting firms across Europe.
The Candis platform automates manual bookkeeping, accounting processes, and B2B payments for mid-market companies with machine learning. The software automatically collects bookkeeping documents from various sources, classifies and authenticates the data, generates approval processes and real-time-insights and payments for accounts payables.
“SMBs in Central Europe have a void when it comes to efficient and effective accounting and financial processes,” says Omry Ben David, Partner at Viola Ventures. “Candis is well-positioned to become the go-to platform in Europe for the automation of bookkeeping, accounting, and payment processes, as well as for the provision of financial insights and benchmarks. This comprehensive suite will undoubtedly deliver better SMB compliance, decision making, and growth.”
Image by Firmbee from Pixabay