C2FO explained

C2FO
Type:Private
Foundation:2008
Founder:Sandy Kemper
Location:Leawood, Kansas
Industry:Financial technology
Products:dynamic early payment program, working capital marketplace, supplier early payment portal, short-term cash optimization, cashflow+ card
Homepage:www.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.

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]

Notes and References

  1. http://www.bizjournals.com/kansascity/print-edition/2014/10/10/tapping-the-trillions-this-man-wants-to-change-how.html?page=all Kansas City Business Journal: C2FO
  2. http://upstart.bizjournals.com/entrepreneurs/hot-shots/2016/08/12/how-this-entrepreneur-creates-entirely-new-markets.html "C2FO's Sandy Kemper: How this entrepreneur creates entirely new markets"
  3. http://siliconprairienews.com/2012/09/pollenware-raises-9-1-million-round-led-by-union-square-ventures/ Silicon Prairie News: Pollenware Raises 9.1 Million Round Led by Union Square Ventures
  4. http://www.bizjournals.com/kansascity/news/2015/01/08/c2fo-billion-dollar-month-volume.html Kansas City Business Journal: C2FO
  5. https://www.startlandnews.com/2019/10/c2fo-priority-vendor Startland News: Fresh off $200M funding haul, C2FO acquires India's largest payment platform in bid to expand market position
  6. https://c2fo.com/newsroom/c2fo-frees-up-working-capital-funding-during-economic-uncertainty/ C2FO: C2FO Frees Up Working Capital During Economic Uncertainty
  7. https://www.pymnts.com/news/b2b-payments/2021/experian-teams-with-c2fo-on-early-payments-for-suppliers Experian Teams With C2FO On Early Payments
  8. http://www.usv.com/2012/09/pollenware.php Union Square Ventures Blog: Pollenware
  9. https://blogs.wsj.com/venturecapital/2015/08/11/the-daily-startup-invoice-marketplace-c2fo-scores-40-million/ Wall Street Journal: C2FO
  10. https://techcrunch.com/2017/01/19/exclusive-mithril-led-by-peter-thiel-and-ajay-royan-closes-on-roughly-850-million/ Tech Crunch: Mithril, Led by Peter Thiel and Ajay Royan, Closes on Roughly $850 Million
  11. https://www.bloomberg.com/news/articles/2017-01-20/peter-thiel-s-mithril-capital-raises-850-million-vc-fund/ Peter Thiel's Mithril Capital Raises $850 Million VC Fund
  12. http://www.treasury-management.com/news/696/c2fo-receives-strategic-investment-from-citi-ventures.html Treasury Management International: C2FO Receives Strategic Investment from Citi Ventures
  13. http://siliconprairienews.com/2016/02/c2fo-adds-citi-ventures-as-a-strategic-investor/ Silicon Prairie News: C2FO Adds Citi Ventures As a Strategic Investor
  14. http://www.sharedserviceslink.com/news/citi-venture-becomes-latest-prominent-c2fo-investor Shared Services: Citi Ventures becomes latest prominent C2FO investor
  15. https://www.bloomberg.com/news/articles/2018-02-27/allianz-investment-arm-co-leads-funding-round-in-fintech-c2fo Allianz Investment Arm Co-Leads Funding Round in Fintech C2FO
  16. https://c2fo.com/company/ Giving Every Business the Power to Thrive

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