Fintech firm C2FO raises $200mn from SoftBank Vision Fund and others
US fintech company C2FO has announced the raising of $200mn in a funding round led by the SoftBank Vision Fund.
Also participating in the round was Temasek Holdings of Singapore and New York’s Union Square Ventures. As part of the investment, Nahoko Hoshino from SoftBank will join the company’s board of directors.
The investment was said to allow C2FO access to new markets, furthering access to the working capital it provides via its online marketplace which algorithmically and dynamically adjusts prices in real time.
“We are very fortunate to have a team who, for years, has delivered industry-leading unit economics, extraordinary customer satisfaction, and strong global growth,” said Sandy Kemper, C2FO Founder and Chief Executive Officer. “Due to their work, we have now grown to match over $1.2 trillion of accounts receivable and accounts payable.
“This infusion of capital from the Vision Fund and existing investors will be used to further our expansion as we strive to build a new world wherein the increased liquidity provided by the C2FO platform helps companies and in turn, entire economies, grow more rapidly.”
“We invested in C2FO because we think their disruptive innovation offers a solution to an industry that has traditionally lacked cost-efficient alternatives for businesses of all sizes looking to free up cash quickly,” said Akshay Naheta, Managing Partner for SoftBank Investment Advisers. “We believe the company’s platform provides maximum value for buyers and suppliers and are excited by the company’s vision to become the global exchange for working capital.”