C2FO
TypePrivate
IndustryFinancial technology
Founded2008
FounderSandy Kemper
HeadquartersLeawood, Kansas
Productsdynamic early payment program, working capital marketplace, supplier early payment portal, short-term cash optimization, cashflow+ card
Websitewww.c2fo.com

C2FO is a Leawood, Kansas-based financial technology company that operates a working capital finance platform that allows businesses to access funds that are tied up in accounts receivable.[1]

History

The company was founded as Pollenware in January 2008 by Sandy Kemper, former CEO of UMB Financial Corporation.[2] The name was subsequently changed to C2FO, an acronym describing the collaborative cash flow optimization services the company's platform provided.[3]

C2FO posted its first $1 billion quarter in the fourth quarter of 2013. It experienced growth during 2014, handling $2.9 billion worth of transactions in the fourth quarter of 2014, with $1.4 billion of that happening in December.[4]

In October 2019, C2FO acquired India's largest early payment platform, Priority Vendor.[5] In the fourth quarter of 2019, C2FO achieved an annualized funding run rate of $39B.[6] In March 2020, C2FO claimed it had accelerated more than $100B in payments for companies.[6]

C2FO announced partnering with Experian in February 2021 to provide working capital to Experian vendors.[7]

Funding

The first C2FO market clearing took place in 2010, and received backing of venture firm Union Square Ventures, known for investing in companies like Twitter and Zynga.[8] In 2015, C2FO completed a $40M round of equity funding led by Temasek Holdings, a global investment company based in Singapore.[9] Temasek joined a list of C2FO investors including Union Square Ventures, OPENAIR Equity Partners, and Mithril Capital.[10][11] In Q1 2016, Citi Ventures became the newest investor.[12][13][14] In early 2018, C2FO completed a $100M funding round led by Allianz X and Mubadala Investment Company, along with strong participation from existing C2FO investors: Temasek, Union Square Ventures, and Mithril Capital.[15]

Office locations

C2FO is headquartered in Leawood, Kansas and reports operations in an additional nine locations worldwide.[16]

References

  1. ↑ Kansas City Business Journal: C2FO. Kansas City Business Journal, October 10, 2014.
  2. ↑ "C2FO's Sandy Kemper: How this entrepreneur creates entirely new markets". Kansas City Business Journal August 12, 2016.
  3. ↑ Silicon Prairie News: Pollenware Raises 9.1 Million Round Led by Union Square Ventures Silicon Prairie News September 6, 2012
  4. ↑ Kansas City Business Journal: C2FO. Kansas City Business Journal, January 8, 2015.
  5. ↑ Startland News: Fresh off $200M funding haul, C2FO acquires India's largest payment platform in bid to expand market position Startland News, October 10, 2019
  6. 1 2 C2FO: C2FO Frees Up Working Capital During Economic Uncertainty C2FO, March 17, 2020.
  7. ↑ Experian Teams With C2FO On Early Payments PYMNTS, February 2, 2021
  8. ↑ Union Square Ventures Blog: Pollenware. Union Square Ventures, September 5, 2012.
  9. ↑ Wall Street Journal: C2FO. Wall Street Journal Daily Startup Blog August 11, 2015.
  10. ↑ Tech Crunch: Mithril, Led by Peter Thiel and Ajay Royan, Closes on Roughly $850 Million TechCrunch: January 19, 2017
  11. ↑ Peter Thiel's Mithril Capital Raises $850 Million VC Fund Bloomberg: January 19, 2017
  12. ↑ Treasury Management International: C2FO Receives Strategic Investment from Citi Ventures Treasury Management International, February 1, 2016.
  13. ↑ Silicon Prairie News: C2FO Adds Citi Ventures As a Strategic Investor Silicon Prairie News, February 5, 2016.
  14. ↑ Shared Services: Citi Ventures becomes latest prominent C2FO investor Shared Services Link: February 2, 2016.
  15. ↑ Allianz Investment Arm Co-Leads Funding Round in Fintech C2FO Bloomberg: February 27, 2018.
  16. ↑ Giving Every Business the Power to Thrive. C2FO
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.