C2FO, which claims to be largest global platform for working capital, has shared details of its record-setting business growth last year, “highlighted by the $54.7 billion in funding that the company enabled for businesses worldwide, an increase of 57% versus 2020 totals.”
Beyond transaction volumes, more firms than ever utilized the C2FO platform to access working capital – at year’s end, more than 46,000 clients had obtained funding, reflecting a 30% YoY increase.
Throughout last year, C2FO reinforced its commitment to offer companies with the capital required to succeed. More than 2.3 million invoices, on average, were paid early “via the C2FO platform each month, reducing the time it took for companies to receive payment by an average of 32 days.”
With small businesses in mind, C2FO teamed up with Marcus by Goldman Sachs to “create a new program that provides qualifying businesses with efficient access to financing by embedding Marcus’ digital lending technology and capabilities within C2FO’s platform.”
C2FO also made strides in its goal to support firms that are underserved by the traditional banking system, “accelerating a record $1.95 billion of funding to over 1,000 minority- and women-owned businesses in 2021 — a 30% increase from 2020.”
Last year, minority- and women-owned businesses “utilized the C2FO platform to receive funding 3 times as often as their white- and male-owned peers.”
Company growth accelerated during Q4 2021, “leading to the biggest quarter in company history.” A total of $18.9 billion of funding was “provided by C2FO, a 65% increase over the previous year.” Additionally, 8,219 new customers were “funded in the quarter, 76% more than 2020.”
The firm’s international presence widened in 2021, “supporting customers in over 175 countries, in 75 currencies.”
In order to help support its rapid growth in 2022, C2FO has finalized a $140 million funding round led by Third Point Ventures, with Vista Credit Partners and Mubadala Capital among the investors.
This investment round will continue to “support C2FO’s expanding product suite and services which redefines the way companies of all sizes can acquire capital.”
Heath Terry, MD at Third Point Ventures, stated:
“C2FO has built a scalable and innovative solution that offers companies of all sizes and all industries across the globe a better way of accessing working capital. As long-time investors in innovative financial services platforms, we recognize C2FO’s potential to disrupt traditional capital distribution channels by offering customers a more flexible and efficient product. We look forward to partnering with the team at C2FO to support the company’s rapid growth.”
C2FO Founder and Chief Executive Officer Alexander “Sandy” Kemper remarked:
“Our vision has always centered on ensuring every company has access to the capital it needs to thrive, especially small and underserved businesses. Our record growth in 2021 is the byproduct of doubling down on this commitment to helping businesses prosper amid rapid change. We continue to make strong strides in our evolution as a company, including investing in innovation, partnerships and the broad global network that make it even easier for businesses to access the financing they need, which will fuel our growth as well.”
In 2022, C2FO intends to expand its product suite, “with additional funding sources for businesses, including a new card product and new funding tools and services, to further improve their ability to access and deploy working capital.”
The firm also plans to announce new key partnerships to “further its goal of making access to working capital affordable, transparent, and more equitable.’
C2FO offers cost-effective access to working capital for businesses across the globe, “with the mission of delivering a future where every company has the capital needed to thrive.”
Via the firm’s digital working capital platform, C2FO offers “an easy, low-cost way for businesses of all sizes to increase cash flow and supercharge commerce by receiving early invoice payments from their customers.”