Edenred Capital Partners, the venture capital unit of French card provider Edenred, has acquired a stake in US-based payments firm Candex.
The companies did not disclose the size and vale of the stake.
The company plans to use the capital to fund its growth and improve its offering. It will also use the investment to explore the entrepreneurial ecosystem in the corporate payments space.
Candex offers a chat interface, through which companies can track the performance of vendors and make payments for transactions of up to $100,000. Its platform is powered by blockchain technology.
At present, the company facilitates interactions of thousands of companies with vendors in over 50 countries.
“Traditionally focused on players dedicated to well-being at work and food technology, the fund is currently supporting the diversification of the Edenred group’s activities by opening up to fintech, fleet and mobility, and corporate payments. Edenred Capital Partners is also expanding geographically, with this first investment in the USA,” Edenred said.