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Addition of fintech veterans Raffaele Sadun and Ragui Selwanes further strengthens C2FO’s commitment to growth through innovation, amid 69% increase in funding YTD.
Kansas City, USA (June 7, 2022) — C2FO, the largest global platform for working capital, today announced the appointment of two new executives to its leadership team. Raffaele “Raff” Sadun has been named the company’s new Chief Financial Officer and Ragui Selwanes joins as Chief Product and Technology Officer, a newly created position that reinforces the company’s emphasis on innovation at the heart of its growth strategy.
The appointments come as C2FO continues scaling its operations and developing new products and partnerships in response to record growth. In 2021, the company recorded its highest year of funding activity to date, with over $54.7 billion in accelerated payments to over 46,000 businesses, a 57% increase over 2020. With the ongoing strain of inflation, reduced margins and a potential recession looming, businesses worldwide are relying even more on C2FO to get paid faster and at significantly lower cost than alternative funding mechanisms. As of May 15, 2022, the company has continued on this growth trajectory, with a 69% increase in accelerated payments to customers year over year.
Sadun and Selwanes will play essential roles in guiding C2FO through its next phase of global expansion and growth. As CFO, Sadun will help lead corporate strategy and support the company’s continued enhancement of products, services and partnerships, with an eye towards bringing new solutions to solve working capital challenges for businesses. In tandem, Selwanes will shape and execute on this vision by heading innovation in product development that will further extend C2FO’s financial technology leadership position.
“We’re proud to have earned the trust of over 1 million businesses that have access to our cash flow forecasting and working capital platform – yet we also recognize the responsibility that this brings as these companies lean even more on C2FO amid a slew of economic headwinds,” said Alexander “Sandy” Kemper, C2FO founder and CEO. “Raff’s proven leadership and vision as a CFO will be invaluable as we drive to put even more capital in the hands of businesses worldwide. Ragui’s background as a strong leader and superb product strategist gives me confidence we can take our longstanding work towards technological innovation to a higher-level. Together, we will continue to do what we do best, helping our customers to grow and thrive, no matter the macroeconomic circumstances.”
Sadun joins from the insurance conglomerate SelectQuote where, as CFO, he led the company’s successful IPO in May 2020, the first non-biotech virtual listing on the NYSE. He also raised $150 million in equity via their pre-IPO private placement and $300 million in their secondary offering post-IPO. Previously, he was the CFO of The Mutual Fund Store, where he helped lead its $560 million sale to Financial Engines. Sadun has also served as CFO for Adknowledge and SeaWorld Parks & Entertainment.
Sadun said: “I am delighted to be joining C2FO, an organization that has a deep commitment to performance, innovation, and serving their customers and the community – something that resonates with me on a deep level. There’s a meaningful opportunity here to help more businesses better navigate challenging economic conditions. C2FO’s platform has helped level the playing field when it comes to the access of low cost, convenient working capital and I’m excited to see us continue to expand our reach and accelerate our growth trajectory.”
Selwanes added: “The vision and opportunity to scale at C2FO captured my attention from the very beginning. I’m excited about building on the strong momentum and helping to realize C2FO’s mission of ensuring every business has the capital it needs to thrive. Many aspects attracted me to this role – but its strong culture inspires me and I look forward to leading and mentoring the talented product and technology teams.”
Selwanes brings more than 30 years of progressive leadership experience with industry-leading technology, healthcare and financial services organizations. Selwanes joins C2FO from Varis, where he led the company’s Payments and Financial Solutions business and was responsible for corporate strategies and partnerships with payment and financial providers. Prior to Varis, Selwanes worked as vice president of Amazon Capital Services Inc. and director of worldwide B2B Payments, where he drove the business payments and seller lending businesses across all operating Amazon marketplaces.
C2FO continues to expand and evolve its product offerings, with its digital working capital platform at the core. With unparalleled flexibility and ease of use, the C2FO platform helps businesses of all sizes easily access capital and optimize cash flow to achieve their financial goals. To date, the company has provided over $200 billion in funding to businesses, and has reduced the time it takes for suppliers to receive payment by an average of 32 days. The company expects to announce significant new partnerships and products in the coming months.
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 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.
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