C2FO, the world’s on-demand working capital platform, announced the launch of C2FO SCF Propel.
This tailored service allows large enterprises “to evolve their existing supply chain finance (SCF) programs while eliminating the administrative burden typically incurred when launching similar programs.”
SCF Propel enables enterprises “to safely combine one or more legacy SCF solutions with C2FO’s market-leading technology and funder network in under six weeks.”
Most global enterprises have “had one or more SCF programs in place for years, sometimes decades.”
Because updating and modifying these legacy programs “is so complex and time intensive, around 80% of the SCF programs C2FO works with have been with their original provider since launching their programs, meaning most are running on outdated technology with a single funder, or they are juggling multiple programs with different capabilities, reporting and supplier experiences. Until now, there has been no solution available that is focused exclusively on removing the pain of upgrading an existing SCF solution.”
SCF Propel simultaneously benefits multiple partners. It enables more suppliers “to utilize SCF solutions. Large and small suppliers can now have competitive access to working capital, meaning no minimum spend requirement for suppliers and zero disruption for existing participants.”
Enterprises not only gain “access to C2FO’s extensive network of global funders but also can effortlessly deploy their cash, driving EBITDA benefit and managing other key business health indicators. They can get more value, support more suppliers and reduce the complexity of multiple bank platforms.”
Banks also benefit from “a strong relationship with their customers, gain access to larger funding opportunities, and eliminate the administrative burden and challenges with payment reconciliation.”
C2FO has already implemented its latest solution “to enhance some of the world’s largest SCF programs. By integrating SCF Propel, thousands of additional suppliers now have access to low-cost, convenient working capital. They are experiencing an immediate impact with SCF Propel.”
Enterprise clients using SCF Propel saw their “available credit double while reducing supplier onboarding time from several weeks to a matter of minutes.”
C2FO’s founder and CEO Alexander “Sandy” Kemper said:
“We are proud to bring proven value to our enterprise clients and bank partners while supporting and strengthening the entire supply chain. With the cost of capital at recent record levels, our SCF Propel solution can reduce costs for both large and small suppliers so that they can gain competitive access to more working capital to grow their business.”
Enterprises can now securely “upgrade outdated SCF solutions.”