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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]
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| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2008 |
| Founder | Sandy Kemper |
| Headquarters | Leawood, Kansas |
| Products | dynamic early payment program, working capital marketplace, supplier early payment portal, short-term cash optimization, cashflow card |
| Website | www.c2fo.com |
History
editThe 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][non-primary source needed] 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
editThe 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
editC2FO is headquartered in Leawood, Kansas and reports operations in an additional nine locations worldwide.[16]
References
edit- ^ Kansas City Business Journal: C2FO. Kansas City Business Journal, October 10, 2014.
- ^ "C2FO's Sandy Kemper: How this entrepreneur creates entirely new markets". Kansas City Business Journal August 12, 2016.
- ^ Silicon Prairie News: Pollenware Raises 9.1 Million Round Led by Union Square Ventures Silicon Prairie News September 6, 2012
- ^ Kansas City Business Journal: C2FO. Kansas City Business Journal, January 8, 2015.
- ^ 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
- ^ a b C2FO: C2FO Frees Up Working Capital During Economic Uncertainty C2FO, March 17, 2020.
- ^ Experian Teams With C2FO On Early Payments PYMNTS, February 2, 2021
- ^ Union Square Ventures Blog: Pollenware. Union Square Ventures, September 5, 2012.
- ^ Wall Street Journal: C2FO. Wall Street Journal Daily Startup Blog August 11, 2015.
- ^ Tech Crunch: Mithril, Led by Peter Thiel and Ajay Royan, Closes on Roughly $850 Million TechCrunch: January 19, 2017
- ^ Peter Thiel's Mithril Capital Raises $850 Million VC Fund Bloomberg: January 19, 2017
- ^ Treasury Management International: C2FO Receives Strategic Investment from Citi Ventures Treasury Management International, February 1, 2016.
- ^ Silicon Prairie News: C2FO Adds Citi Ventures As a Strategic Investor Silicon Prairie News, February 5, 2016.
- ^ Shared Services: Citi Ventures becomes latest prominent C2FO investor Shared Services Link: February 2, 2016.
- ^ Allianz Investment Arm Co-Leads Funding Round in Fintech C2FO Bloomberg: February 27, 2018.
- ^ Giving Every Business the Power to Thrive. C2FO