C2FO Achieves Record Growth in 2021, Funding $54.7 Billion In Accelerated Payments to Businesses Worldwide
February 1, 2022 |
The C2FO Team
Total funding increased 57% compared to 2020, driven by ongoing demand from clients for better sources of capital
Number of funded customers grew by 30%, including 36% growth in new funded customers with over 46,000 receiving capital via the C2FO platform in 2021
Company closes $140 million fundraising round, led by Third Point Ventures
Kansas City, USA, Feb. 1, 2022 — C2FO, the largest global platform for working capital, today shared details of its record-setting business growth in 2021, 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 companies than ever utilized the C2FO platform to access working capital - at year’s end, over 46,000 customers had received funding, reflecting a 30% year-on-year increase.
Throughout 2021, C2FO reinforced its commitment to provide businesses with the capital needed to thrive. Over 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 partnered 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 remarkable strides in its mission to support companies 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. In 2021, 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 in the fourth quarter of 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 company’s global footprint widened in 2021, supporting customers in over 175 countries, in 75 currencies. To help support its rapid growth in 2022, C2FO has closed a $140 million funding round led by Third Point Ventures, with Vista Credit Partners and Mubadala Capital among the investors. This funding round will continue to support C2FO’s expanding product suite and services which redefines the way companies of all sizes can acquire capital.
“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,” said Heath Terry, Managing Director at Third Point Ventures. “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.”
“Our vision has always centered on ensuring every company has access to the capital it needs to thrive, especially small and underserved businesses,” said C2FO Founder and Chief Executive Officer Alexander "Sandy" Kemper. “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 plans 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 company also plans to announce new key partnerships to further its goal of making access to working capital affordable, transparent, and more equitable.
C2FO provides 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. Through the company’s digital working capital platform, C2FO provides 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.
C2FO is the world’s largest platform for working capital. We serve over one million businesses representing $10.5 trillion in annual sales across more than 160 countries. Our online platform connects more than $110 billion of daily accounts payable and accounts receivable. Whether you need working capital or have excess working capital, Name Your Rate®, and the C2FO platform will match your request in seconds. You can accelerate AP or AR on demand, providing you, your customers and your suppliers greater control over cash flow. You can also utilize AR financing and other data-driven funding options.
C2FO is working capital, working for everyone. Our mission is to deliver a future where every company in the world has the capital needed to thrive. To learn more, visit C2FO.com.