C2FO Surpasses $200 Billion Funding Milestone, Delivering Low-Cost Capital to Businesses Across the Globe
21 April 2022 |
The C2FO Team
Utilising C2FO for accelerated payments has created thousands of jobs, further supporting underserved businesses.
London, England, 21 April, 2022 — C2FO, the largest global platform for working capital, today announced that it has surpassed $200 billion in cumulative funding provided to its customers around the world. This record funding amount reflects invoices that were paid an average of 32 days early via the C2FO platform, providing rapid access to working capital that has proven to be essential amidst rising costs, broader economic uncertainty and restricted lending from financial institutions.
Since its founding in 2008, C2FO has focused on ensuring every company has the capital needed to thrive, especially amid challenging economic times. C2FO reached $200 billion in enabled funding less than two years after surpassing $100 billion in funding in March 2020, a decade after its first transaction. This amplification demonstrates the strong demand for more efficient and affordable sources of working capital since the start of the COVID-19 pandemic. At this pace, C2FO is on track to exceed $1 trillion in funding in less than four more years.
The exponential increase in funding and use of C2FO’s platform is evidence of the value and the unparalleled advantage C2FO brings to our customers. In the past eight years, companies that utilise C2FO have created 57,000 jobs, per the National Bureau of Economic Research, which notes that 10% of every dollar accelerated goes toward a small business’s payroll. Additionally, when considering advance rates for lending and costs for underwriting and associated fees, C2FO is seven to ten times more efficient at delivering capital to businesses than traditional sources of funding. We estimate businesses that have received funding through C2FO have saved $1.2 billion in overall financing costs over what they would have paid going through traditional financing. Similarly, businesses that utilise C2FO to fund their suppliers have saved approximately $1 billion in the cost of goods, adding $1 billion to their bottom line while simultaneously strengthening their supply chains.
"From day one, C2FO has worked to fill the gap left by traditional institutions and put control of capital back in the hands of businesses. When we consider that this $200 billion is money that businesses didn't have to borrow or might otherwise not have been able to access, we're proud of the role we're playing in ensuring working capital gets to where it's needed quickly to help companies thrive," said C2FO founder and CEO Alexander "Sandy" Kemper.
The $200 billion milestone also highlights the company's growth in recent years, with 2021 bringing new records in terms of customers and funding while reinforcing our commitment to the well-being of diverse-owned businesses. C2FO was able to deploy $1.8 billion in 2020 and an additional $1.95 billion in 2021 to women- and minority-owned businesses, impacting underserved communities exponentially. By comparison, other large financial institutions have touted pledges to deploy $2 billion to these communities over five years (not annually).
The need for accessible working capital has dramatically increased while, simultaneously, traditional funding sources have made less of this capital available for small businesses. Based on a recent survey of C2FO supplier customers, approximately 30% use C2FO's platform as their primary source of funding which gives them access to cash faster, easier and at a far lower cost than from traditional sources.
C2FO is the world’s largest platform for working capital. We serve over 1 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 utilise 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.
Daniel Diaz / Kendal Till
Dukas Linden Public Relations