C2FO, the world’s first online working capital transaction platform that connects suppliers and buyers, was invited to participate in the FinTech Financial Future Summit in Taipei. C2FO founder Sandy Kemper said that financial technology (fintech) will bring about major changes, “Silicon Valley is about to eat Wall Street’s lunch.”
Businesses are the true dominators when it comes to money, therefore it is essential that fintech focuses on targeting businesses.
Kemper pointed out that fintech will bring about major worldwide changes. When we hear “financial technology,” we immediately think of mobile payments, big data loans, online banking or P2P lending tools, but we overlook the fact that in the world of finance, businesses are the real money masters. With the help of the internet and technology, all issues can find solutions, and also huge business opportunities. The founding of C2FO is a perfect example of this.
C2FO was founded in 2008 and specializes in connecting suppliers and buyers on an online working capital trading platform. Four rounds of equity funding raised over USD$70 million and almost all its customers are Fortune 500 companies including Costco, Amazon, Walgreens, etc. C2FO handles more than USD$5.4 billion in transactions with clients all over Europe and America and is now expanding also to Taiwan.
Sandy Kemper said that retail, logistics, manufacturing and technology industries all have buying needs. Many buyers often habitually delay payments while only considering their company’s financial operations, but this can cause urgent issues for some suppliers who might have an immediate need for cash flow.
C2FO provides a system that allows suppliers to give the buyer a reasonable discount in order to get their payment earlier. Buyer companies find that offering this option helps them maintain a good relationship with their suppliers.