Afternoon Coffee: Fintech Candex raises $20 million; US population sees slowest growth since Great Depression; WillHire, Checkr announce partnership

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Candex, a Miami and Tel Aviv-based fintech, raised $20 million in a fundraising round led by the Silicon Valley investment firm Altos Ventures, according to the South Florida Business Journal.

The round of funding was also supported by American Express Ventures, J.P. Morgan, Edenred Capital Partners, Commerce Ventures and NFX. Candex has raised more than $23.5 million in private funding since 2017, the article said.

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Candex is known for its B2B payment processing platform that focuses on streamlining large companies’ tail spend payments to smaller vendors. Candex’s platform is somewhat of a master vendor for a company’s small vendors. The article reports that instead of paying each supplier separately, companies pay Candex and it doles out payments to each supplier, cutting out administrative work.

“We call Candex the fast track, because it is a fast and compliant way for large enterprises to manage their tail spend purchasing,” Candex co-Founder and CEO Jeremy Lappin told the South Florida Business Journal. “Tail spend causes so many problems that it often becomes a symbol of bureaucracy and anguish.”

US population sees slowest growth since Great Depression

US population growth slowed to the lowest rate since the Great Depression, according to the latest Census Bureau numbers, the Associated Press reports.

The US population rose to about 331.45 million last year, a 7.4% increase over the previous decade, which saw the second-slowest rate ever. Experts point to an aging population, slowing immigration and the Great Recession from more than a decade ago as reasons for younger adults to delay marriage and families, the article said.

Americans continued a march to the South and West regions of the country while New York and California are losing citizens. These shuffles will lead to changes in the number of congressional seats allocated to states.

The numbers overall confirm what demographers have long warned — that US population growth is stalling, the article said.

William Frey, a demographer in Washington, D.C., said a recovering economy may not even change the trend.

“Unlike the Great Depression, it’s part of a process where we’re likely to keep having slow growth,” Frey told the AP.

WillHire and Checkr announce partnership for background checks and talent

WillHire, a direct sourcing and talent pool solution provider, announced a partnership with Checkr on Tuesday. The partnership will combine WillHire’s solution with Checkr’s AI and machine learning technology.

In a press release announcing the partnership, WillHire said the fully integrated partnership will give companies access to pre-background checked workers from a private talent pool. It aims to help make background checks faster, easier and more compliant. The partnership will connect the two platforms, meaning hiring managers will have access to a bench of talent that is pre-vetted so they can begin work as soon as possible.

“We’re on a mission to transform enterprise contingent workforce programs, and our partnership with Checkr helps us deliver on this,” Praneeth Patlola, CEO and Founder of WillHire, said in the press release. “The historic background check process caused delays in getting workers on the job quickly. With Checkr and their Continuous Check feature, our customers will have a talent pool of pre-screened candidates who can start work immediately. With their geo-local talent pool through WillHire, coupled with Checkr, we can fill shifts in minutes and completely change the hiring process.”

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