Candex, a New York-based fintech startup, has raised $40 million in a Series C extension from HSBC, bringing its total funding to over $120 million since 2011. The company helps large enterprises pay small, one-time vendors without the administrative burden of traditional onboarding, acting as a tech-based master vendor that handles compliance, tax, and payments.

Founded by Jeremy Lappin and Shani Vaza, Candex has processed more than $1 billion in payments and counts hundreds of Fortune 2000 companies as customers, including Sanofi, Diageo, Roche, and Dell Technologies. The company generates revenue through transaction fees similar to credit card interchange fees and operates in over 50 countries with more than 270 employees.

HSBC's investment comes after years as a Candex customer, with Craig Cuffie, HSBC's group chief procurement officer, praising the platform's ability to improve vendor management at scale. The funding arrives amid a 27% surge in fintech venture capital to $53 billion in 2025, as companies increasingly seek AI-powered solutions to automate and streamline business processes.