C2FO, a fintech firm and market for working capital, announced this week it secured $100 million during its latest funding round, which was led by Allianz X and Mubadala Investment, with participation from existing C2FO investors Temasek, Union Square Ventures, and Mithril Capital.
This investment comes just a couple months after C2FO reached a key milestone, by providing $1 billion of funding per week to businesses in more than 100 countries, making C2FO one of, if not the largest non-bank provider of working capital in the world. By 2021, C2FO is predicting $1 billion in funding per day. 99.5% of C2FO’s customers say that C2FO is their lowest cost and most convenient source of working capital. Speaking about the investment, Dr. Nazim Cetin, CEO of Allianz X, shared:
“As a strategic investor, we are excited to be part of C2FO’s next development steps. C2FO’s business model of connecting companies with working capital in real time is a unique solution to a critical aspect of trade financing.”
Allianz’s trade credit insurance specialist, Euler Hermes Chairman of the Board of Management, Wilfried Verstraete also comment:
“The strength of this investment in C2FO is simple: it sets the foundations to a truly reciprocal and strategic partnership. This partnership will be a unique combination of Euler Hermes’ credit insurance expertise with the C2FO dynamic discounting model” said Verstraete. “Our first joint initiatives will further strengthen the C2FO technology platform and expand working capital and credit availability to businesses around the world.”
Ibrahim Ajami, Head of Mubadala Ventures, stated:
“C2FO is a leading technology marketplace that can drive significant market efficiency by unlocking the billions of trapped working capital. We are excited to partner with C2FO and believe Mubadala can help drive significant growth by leveraging its portfolio of assets and relationships. This investment is fully aligned with Mubadala Ventures’ strategy of investing in founder-led global category leaders.”
Sandy Kemper, C2FO Founder and CEO, noted:
“When we launched C2FO in 2010, our goal was to be the most convenient and lowest cost source for business funding in the world. Today, 99.5% of our customers tell us we have achieved that goal. We continue to deliver tremendous value to our global corporate buyer customers while helping their suppliers access working capital at a fair price. We are honoured to have the support and confidence in C2FO from Allianz X, Mubadala and all our investors.”
C2FO added that the $100 million investment will support key strategic initiatives including international growth, additional working capital solutions, and development of its customer community. The funds will also be used for secondary share purchases from earlier investors and associates.