Candis, a Berlin, Germany-based provider of a platform for automated accounting and payment processes, raised €12M in funding.
The round was led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank, with participation from existing investors Lightspeed Venture Partners, Point Nine Capital, Speedinvest, the main incubator of Commerzbank and 42CAP.
The company intends to use the capital to continue the development of its machine learning engine and to accelerate growth and expansion within Europe.
Founded in 2015 by Christopher Becker and Christian Ritosek, Candis 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. Thousands of companies and their tax advisors already use Candis’ technology in Germany.