C2FO Considers Acquisitions to Expand Internationally

C2FO, an on-demand working capital platform, is considering acquisitions to expand internationally, founder and CEO Sandy Kemper said.

The Kansas City, Missouri-based company would pursue acquisitions in countries with developing markets with less mature financial infrastructure, he said, adding that Latin America and Africa are attractive markets.

Geographic expansion drove C2FO’s most recent acquisition, the purchase of Indian peer Priority Vendor in 2019, he said.

Scale is critical in the sector because the objective is to connect more buyers with more suppliers, Kemper said, noting that C2FO has about 1 million businesses on its platform. He said consolidation among the many smaller players in the market is needed and that any acquisition that accelerates C2FO’s growth and scale is of interest.

Kemper said that the sector is small and everybody talks to each other, when asked how he identifies acquisition candidates. C2FO has targets on its radar but the CEO did not provide the timing for the next deal.

The company has evaluated acquisition opportunities since completing the Priority Vendor deal in 2019 but has yet to and the right fit, he said.

Potential acquisitions will be financed organically, through cash flow and balance sheet, he said.

On 18 March 2026, C2FO announced that it had funded more than USD 500bn in working capital globally. The company is profitable and is growing its revenue organically by an average of 25% to 30% annually, he said.

Meanwhile, the company has continued to expand its partner network, through which it offers lending options, Kemper said. It is also looking to increase the range of alternative funding available to its customers and is seeking investors, such as family offces, interested in short-term, de-risked investments, he explained.

“C2FO could consider an IPO in the coming years, once it reaches sufficient revenue scale”, Kemper said declining to be more specific.

“We are very profitable but not yet there with the revenue,” he said. In addition, market conditions would need to be supportive of public listings for SaaS companies, he added. Kemper said C2FO is an exchange-like platform and could be compared with Nasdaq in the event of an IPO.

To-date, the company has raised approximately USD 400m in equity, the CEO said. Its most recent financing came in April 2025, when it raised USD 30m from the International Finance Corporation (IFC), a member of the World Bank Group, and existing shareholders.

Kemper said the primary motivation for bringing in IFC was not the capital itself but the strategic value of having the World Bank Group among its investors.

Its investors include Sandy Kemper, Mithril Capital Management, Mubadala Investment Co., SoFiBank Vision Fund, Temasek, Third Point, Union Square Ventures, and IFC.

Approximately 60% of C2FO’s revenue is generated in the US, he said. More than 350 Fortune 500 companies use C2FO, either as buyers or suppliers, he added.

C2FO operates in more than 180 countries and territories and has provided more than USD 525bn in funding to-date. In 2025, the company accelerated invoices worth USD 77.3bn. The average payment is accelerated by 32 days, according to its website.