2023 ProcureTech100 - Finance
This year, Finance and Procurement is evolving to become one of the most important collaborative relationships.
Our research revealed that 76% of Procurement leaders believe that this engagement will increase over the next two years.
Thanks to the emergence of more sophisticated technologies and solutions, this engagement will both evolve and be made more seamless.
The Finance category is defined by heavy automation and rapidly emerging SMB solutions.
2023 has largely remained consistent with the trends of previous years, in that the market remains mature. Compared to other categories, it has a much higher relative concentration of "unicorns" and solutions with specialist use cases.
For corporates, one trend that we’ve seen emerging in 2023 is the growing importance of cash optimisation within the current macro environment, specifically with a focus on capital reduction, payment terms and cycle times.
Fantastic UX and unrivalled solutions with specific use cases continue to fuel customer acquisition. For the time being, these solutions are continuing to rapidly scale across categories and industries, with the aim of taking market share away from the larger enterprise tools.
As a result, across the market’s most innovative solutions, this year has seen considerable headcount growth.
“Investment money continues to pour into the Finance category, demonstrating investors’ belief that solutions will continue to succeed in the current macroeconomic conditions, by expanding capability and categories of spend. However, it needs to be ensured that new capabilities do not jeopardise the innovation and implementation of solutions that offer clear, quantitative benefit.” Mackenzie Grant, Senior Manager, ProcureTech
Founded: 2008
Company HQ: USA
C2FO is the world’s on-demand platform for working capital, giving companies fast, flexible and easy access to the capital they need through early invoice payments from their customers.
C2FO is working to deliver a future where every company has the capital necessary to grow. The C2FO online platform and suite of innovative financial products connect businesses of all sizes with the cash they need. C2FO has delivered more than $300 billion in funding to businesses worldwide. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day. To learn more, visit C2FO.com.
Founded: 2011
Company HQ: USA
Candex is a tech-based spend consolidator that provides an easy, fast, and compliant way for large companies to make purchases from small and one-time vendors.
Candex enables its customers to use their full P2P buying process while reducing the vendor onboarding and payment cycles from several weeks down to a few minutes. All purchases through Candex are automated and under approved POs - often delivered as a punchout catalog, with all invoices submitted locally against that original PO. By directing only 5% of indirect spend through Candex, clients are able to remove 70-80% of the vendors from their vendor master. The reporting provided by Candex consolidates all tail vendor information in one place along with detailed transaction data, providing clarity and transparency on tail spend purchases to procurement teams. This brings speed, simplicity, and consistency to a part of the supply chain that until yesterday was a major pain point and operational challenge. Trusted by the Global 2000, Candex is the undisputed leader in tail spend management and the most global solution available with local coverage in 40+ countries.
Founded: 2016
Company HQ: USA
The collaborative and comprehensive rebate management platform that helps you take control of your rebates and turn them into an engine for growth.
Enable helps manufacturers, distributors, and retailers turn rebates into a strategic growth engine. Our comprehensive rebate management platform allows you effectively manage every deal type while tracking, analyzing and optimizing the entire rebate management process. With collaborative features you can seamlessly create, negotiate, and execute deals together, then track progress in real-time in one trusted location to promote better alignment. You retain full control, by sharing the data you want to share, both internally and externally, while configuring workflows, approval processes and audit trails to maintain transparency and compliance.
Founded: 2000
Company HQ: USA
Transform how you use liquidity as a dynamic vehicle for growth and value creation.
Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation.
.png)
Founded: 2015
Company HQ: USA
Travel & expense made easy
Navan is the all-in-one super app that makes travel easy so you can focus on being there, not getting there. Say goodbye to spending hours on the phone trying to change your flight or saving stacks of receipts to manually input expenses.
From EAs and finance teams to travel managers and employees, Navan empowers people to focus on the things that matter most to them — all while providing companies with real-time visibility, savings, and control.
Founded: 2020
Company HQ: USA
Match every invoice before you pay.
OpenEnvoy enables finance teams of all sizes with visibility, automation, and cash flow solutions. Learn more about how we can help you prevent wasted spend today!
Founded: 2019
Company HQ: Israel
The global spend & procurement platform
PayEm is a global finance and procurement solution combining budget control, AP automation, and customizable intake forms and approval workflows. This empowers organizations with financial insights and integrations for efficient operations.
The platform facilitates smooth collaboration among employees, approvers, finance, and procurement teams. It simplifies processes like fund requests, purchase orders, and financial transactions, promoting transparency and communication. This efficiency drives operational speed and productivity, resulting in notable time and resource savings.
Founded: 2013
Company HQ: USA
Digital supplier onboarding for secure, compliant and optimized business payments.
PaymentWorks provides customers with secure, compliant, and optimized business payments. Featuring the industry’s only payments security warranty for fraudulent payments and a network of tier one partners, PaymentWorks enables customers in healthcare, higher education, K-12, state and local government, enterprise and more to capitalize on the opportunity to digitize the vendor management process while reducing risk, controlling costs and earning revenue.
Founded: 2019
Company HQ: USA
Ramp is the only corporate card and spend management platform designed to help you spend less.
Ramp is a technology company building the next generation corporate card to save businesses money. We're redesigning how corporate spend should be managed from the ground up to save time, money, and ensure control. We provide companies higher card limits, insightful saving opportunities, automated expense management, lightning fast receipt matching, seamless accounting integration, and more. Ramp was founded by the same team who built, scaled, and sold Paribus to Capital One, spearheading Capital One‚ push into saving technologies. Their group at Capital One enabled automated savings on online purchases, and put over $100 million back in consumers' pockets. Ramp is committed to providing that same value and savings to businesses. We are backed by Founders Fund, Coatue, and Box Group, in addition to an exceptional collective of more than 50 founders of leading companies (representing over $100B in market capitalization).
Founded: 2016
Company HQ: France
Spendesk generates corporate cards for employees to improve team expenses and payments managing.
Spendesk generates corporate cards for employees to improve team expenses and payments managing. The Company builds a software that gives CFOs a complete control over their company’s spendings. Its SaaS application provides corporate cards fully integrated into customizable approval and bookkeeping workflows.
Learn more about the 2023 ProcureTech100.
