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California-based Candex said it will use the investment to focus on expansion and to secure Fortune 500 corporate customers. Candex facilitates vendor payments for its corporate users that take advantage of gig economy services. Paymerang provides accountspayable services with a focus on digitizing supplier payments.
But according to Cichy, when banks invest in these value-added services for their corporate clients, they also find a new opportunity in opening up data. To be competitive in the P2P space today, especially at the mid- to high-end of the market, the investment would be millions of dollars and a number of years of development,” he said.
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