How HSBC Funding Will Help Candex to Automate Tail Spend

The complexities of tail spend management pose a number of challenges for procurement. 

It refers to the thousands of low-value purchases made across departments that often escape standard procurement controls. Individually, they may seem small, but taken together, they can represent as much as 20% of total enterprise spending and involve around 80% of all suppliers.

But, thanks to a fresh round of funding into a leading fintech player could provide support to help teams to combat these issues. 

Candex, a tail spend specialist, has extended its Series C funding round to over US$40m, following a strategic investment from HSBC.

This latest raise brings the company’s total funding to over US$120m. HSBC joins an impressive roster of investors including Goldman Sachs, J.P. Morgan and American Express, showcasing the belief in Candex’s ability to overhaul how large-scale organisations handle low-value, high-volume transactions.

Solving the 'master vendor' puzzle

For most CPOs, the headache of managing thousands of small vendors across disparate jurisdictions remains a primary source of operational friction. Traditional legacy systems struggle to keep pace with the varied tax laws, compliance risks and currency fluctuations inherent in global tail spend.

Candex addresses this by acting as a tech-driven master vendor. The platform allows enterprises to onboard and pay thousands of suppliers through a single interface, ensuring speed and compliance without the typical administrative overhead.

"Fragmented supplier networks and rising regulatory demands have turned tail spend into a hidden source of risk, cost and inefficiency," says 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 optimise."

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A relationship built on utility

HSBC is not just a financier; it is a long-term user of the platform. The bank has integrated Candex’s technology into its own global operations to streamline vendor onboarding and payment processes.

Jeremy adds that the alignment with one of the world's most global financial houses is a natural fit for the firm's expansion: "HSBC is one of the most global financial houses, which aligns well with our global strategy.

"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."

This sentiment was echoed by Craig Cuffie, Group Chief Procurement Officer at HSBC, who highlighted the tangible value the platform provides within the bank's own procurement ecosystem.

"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," adds Craig. 

"We see Candex as a differentiated solution for helping large organizations improve vendor management and operational efficiency at scale."

Scaling global infrastructure

Currently operating in more than 50 countries, Candex is witnessing rapid growth. In 2025, the platform processed well over US$1bn in payments, serving a client list that includes blue-chip names such as Diageo, Danone, Roche and Sanofi.

Moran Levinovitz, Group Head of Ventures at HSBC, emphasised that the partnership addresses a "clear and growing need" for large-scale organisations. 

"We are very pleased to expand our partnership with Candex following a successful period of collaboration," says Moran. 

"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."

The new capital is earmarked for the acceleration of Candex’s global infrastructure, with a specific focus on expanding its footprint in Asia and enhancing the platform’s ability to navigate increasingly complex regulatory environments.