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Accounting Automation Company CANDIS Closes Series B Round of Financing

By: Banking CIO Outlook | Tuesday, November 03, 2020

SMB Accounting Automation Leader CANDIS Raises €12M in Series B Round of Fianancing

FREMONT, CA: CANDIS, the platform for automated accounting and payment processes, raises €12M in its latest financing round led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank. Existing investors such as Lightspeed Venture Partners, Point Nine Capital, Speedinvest, the main incubator of Commerzbank, and 42CAP also participated.

CANDIS intends to invest the newly raised capital to further the development of its ML engine and to fuel growth and expansion within Europe. The company is now executing its original goal to become the European market leader for automated financial processes for SMBs. The company's software can automate more than 80 percent of all the accounting processes, and that which facilitates efficient collaboration with tax accounting is the firms across Europe.

CANDIS platform automates manual bookkeeping, accounting processes, and B2B payments for mid-market companies with machine learning. The software will automatically collect bookkeeping documents from various sources, classify and authenticate the data in them, generate approval processes, and provide real-time-insights and payments for accounts payables. Thousands of companies and all their tax advisors use CANDIS's unique technology in Germany.

"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."

Christian Ritosek, co-founder and managing director of CANDIS, says: "Our machine-learning based technology disrupts a whole industry, in which the majority of tasks are still very manual. The pattern recognition engine automates accounting workflows and empowers companies with real-time data and insights to make better financial decisions."

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