Candex Extends Series C to $40M+ with Strategic Investment from HSBC

Funding accelerates Candex's vision to redefine how global enterprises manage high-volume, small-value transactions

NEW YORK, March 17, 2026 /PRNewswire/ -- Candex, a leading vendor-management and tail-spend-solutions provider for global enterprises, has extended its Series C funding to over $40 million with a strategic investment from HSBC. The investment supports Candex's long-term vision to turn high-volume, small-value supplier transactions into a fast, automated, and fully controlled part of enterprise finance. The raise brings the company's total funding to over $120 million and adds HSBC to Candex's investor base, which includes Goldman Sachs, Altos Ventures, 9Yards Capital, Hedosophia, NFX, Craft Ventures, World Innovation Labs, JPMorgan, and American Express.

Managing and paying thousands of small vendors across multiple jurisdictions and currencies remains complex, time-consuming, risky and expensive. Candex solves this problem by serving as a tech-based master vendor, enabling enterprises to onboard and pay thousands of suppliers in a fast, easy and compliant manner.

"Fragmented supplier networks and rising regulatory demands have turned tail spend into a hidden source of risk, cost and inefficiency," said Jeremy Lappin, CEO of Candex. "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 a customer as well as a strategic partner to Candex, leveraging Candex's platform to streamline vendor onboarding and payments across its global operations. The investment builds on this existing relationship and reflects a shared focus on improving how large enterprises manage and pay thousands of smaller suppliers worldwide.

"HSBC is one of the most global financial houses, which aligns well with our global strategy," said Jeremy. "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."

"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," said Craig Cuffie, Group Chief Procurement Officer at HSBC. "We see Candex as a differentiated solution for helping large organizations improve vendor management and operational efficiency at scale."

Operating in more than 50 countries, Candex automates compliance and pays suppliers in their local markets, improving efficiency and reducing the risks associated with tail spend management. The company is growing fast, and in 2025, it supported well over a billion USD in payments to vendors through its platform.

"We are very pleased to expand our partnership with Candex following a successful period of collaboration," said Moran Levinovitz, Group Head of Ventures at HSBC. "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."

Candex's platform is trusted by hundreds of large multinational organizations, including Diageo, Danone, Roche, and Sanofi. The new funding will accelerate investment in Candex's global infrastructure, expand its footprint in Asia, and deepen the platform's capabilities for managing high-volume supplier activity across complex regulatory environments.

About Candex

Candex, co-founded by Jeremy Lappin (CEO) and Shani Vaza (Chief R&D Officer), is a technology-based master vendor that makes it easy for global enterprises to engage, track, and pay small and one-time vendors. Candex delivers a fast, efficient and compliant buying process for requisitioners while providing administrators with automation, visibility and control, reducing the vendor master by as much as 80%. The Candex reporting style consolidates all tail vendor information in one place, thereby bringing in transparency in the organization. This brings harmony, simplicity and consistency to a part of the supply chain that until yesterday was a major pain point and operational challenge. Trusted by the Global 2000, Candex is a leader in tail-spend management and a truly global solution available with local coverage in 50+ countries.

About HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,233bn at 31 December 2025, HSBC is one of the world's largest banking and financial services organisations.

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SOURCE Candex