C2FO, the on-demand working capital platform, announced the addition of two new executive roles to its leadership team, “naming Dan Karas as its first chief credit officer and promoting Controller Bri Simoneau as the first chief accounting officer.”
Karas brings extensive leadership experience “in lending and risk management, and Simoneau brings deep knowledge and experience in financial controls and reporting.” Both executives will be “essential as C2FO continues to enhance its business and overall global footprint.”
The large growth and increased adoption of C2FO’s products and services “are due, in part, to the challenges businesses have faced due to an increasingly difficult economic landscape.”
So far, in 2022, C2FO has “accelerated over $56 billion in funding to businesses worldwide, a 100% increase over the same period last year.” The company continues “to see significant growth across its suite of working capital products, which gives businesses more flexibility to select the right solution for them, including its Capital Finance offering, which has grown 200% year-over-year.”
Alexander “Sandy” Kemper, C2FO founder and CEO, said:
“By bolstering the Capital Finance team with Dan, a veteran of the working capital finance space with significant experience in credit leadership during periods of rapid revenue and deal volume growth, we are better positioned to navigate increasing supplier needs for working capital through yet another proven C2FO solution.”
Kemper added:
“Bri is a proven leader and professional with public company experience. In her role as Chief Accounting Officer, she will continue to build the talent within the accounting function and implement controls and processes required to grow and scale our global business.”
Karas is “a seasoned executive who has developed and implemented strategic growth, credit enhancement and acquisition integration plans across a broad range of products, geographies and industries.”
As chief credit officer, Karas will “oversee all credit functions within C2FO’s Capital Finance business, collections and loan procedures and processing mitigation of the risks surrounding a loan portfolio.”
Karas stated:
“I am very excited to be part of this innovative company that is truly making a difference for businesses worldwide. I look forward to working closely with the management team as we build out our financing programs to improve our ability to execute and scale ahead of the growth of the need for working capital and to ensure that every business has the capital it needs to thrive.”
As noted in the update, Simoneau reportedly “began her career at KPMG in Kansas City in the audit/assurance practice, where she worked for six years.”
Simoneau also “served as the controller for Freightquote.com and then joined Yellow Transportation (formerly YRC Worldwide Inc.), where she was the director of financial reporting and vice president/controller before joining C2FO.”
As chief accounting officer, Simoneau will “oversee all areas of accounting, including consolidation, reporting, revenue and treasury management, and tax compliance.”
Simoneau continued:
“Over 41 million invoices eligible for early payment are uploaded on the C2FO platform daily. As more organizations continue to seek easy access to low-cost working capital, C2FO is focused on planning for long-term growth. I am excited to support the company’s accelerated growth as we continue to expand and remain committed to working closely with the leadership team to achieve our mission and drive C2FO on a continued path for success.”
As covered, C2FO claims it is “the world’s on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide.”
Using patented Name Your Rate® technology and a suite of working capital solutions, companies can “get paid sooner by the world’s largest enterprises — unlocking billions in risk-free capital.”
C2FO’s mission is “to ensure that every business has the capital needed to thrive and has delivered more than $220 billion in funding around the world.”
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.”