It was another year of innovation, growth and expansion for C2FO in 2019, as we continued our mission of delivering a future where every company in the world has the capital it needs to grow.
We were honored to make a few headlines in 2019, but one of our proudest achievements came in December, when C2FO set a new company record for the amount of working capital provided in a single day for our customers. It was a great way to cap off a year in which we experienced extraordinary growth in terms of headcount, expansion of our global network and the amount of working capital generated.
The following four “headlines” do not capture all that our team members accomplished in 2019—not by a long shot. But they do offer a glimpse into what was another memorable, exciting year for C2FO:
C2FO raises $200 million round of capital
The investment led by SoftBank Vision Fund, with additional participation from existing investors Temasek Holdings and Union Square Ventures, is designed to accelerate C2FO’s global growth in providing working capital for companies of all sizes around the world. Announced in August, the $200 million investment stands at the largest single round of venture capital secured by a Kansas-based company.
“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 flow,” said Akshay Naheta, managing partner for SoftBank Investment Advisers.
The infusion of capital from Vision Fund and existing investors has helped fuel C2FO’s rapid expansion in 2019. Since January 2019, our workforce has grown 94%, to more than 390 team members. The number of international team members has more than quadrupled, as C2FO has added people in markets that include mainland China, India, Taiwan, Turkey, Australia, Switzerland and the Netherlands.
Today, hundreds of thousands of businesses worldwide utilize C2FO to control their cash flow and receive more than $1 billion in funding every week. Over the course of 2019, C2FO has delivered more than $100 billion in working capital for its customers.
C2FO acquires India-based Priority Vendor
In October, we announced C2FO’s first major acquisition—India’s largest early payment provider, Priority Vendor.
With the combination of C2FO and Priority Vendor under a single platform, Indian suppliers in the world’s fastest-growing economy will continue to receive a continuous flow of capital at costs lower than traditional financing. The acquisition is an important milestone for C2FO India. Over the last four years, C2FO has experienced 300% year-over-year adoption rates from India-based companies.
Priority Vendor and C2FO have added several new Indian buyers since joining forces. The addition of Priority Vendor and its team members gives significant shares of India’s manufacturing, retail, automotive and fast-moving consumer goods industries direct access to early payment through C2FO.
C2FO wins FinTech honors in China
On March 19, the 6th China Supply Chain Finance Innovation Forum in Shenzhen awarded C2FO the honor of “Best Fintech Operating Enterprise.”
The award was a strong sign of our digital network’s growing international influence, as C2FO edged out 100 other Fintech entries to be recognized by China’s top gathering of supply chain finance industry experts. Winners were selected based on “professionalism, justice and public welfare.” The Best Operating Enterprise award honors companies that have developed innovative solutions in finance technology.
“We are honored to be recognized by China’s most influential and concerned gathering of supply chain finance industry experts,” said Max Zhang, senior vice president of Greater China at C2FO.
We added another prestigious honor in November when C2FO received the Golden Central Award for “China Annual Fintech Leading Brand” at the 2019 China Finance Summit.
European customers rack up awards
Throughout 2019, C2FO continued to raise its profile in Europe’s supply chain finance community, as several of our customers received recognition for early payment programs that strengthen their supply chains and foster stronger partnerships with suppliers.
In July, Philips was honored with the Adam Smith Award from the Treasury Today Group for its innovative supply chain finance program that supports suppliers worldwide and yields a return on cash at little or zero risk. In November, Netherlands-based grocery chain Jumbo Supermarkten received the 2019 Retail & Apparel Award at Supply Chain Finance’s annual forum for providing an early payment program “founded on the principles of sustainability and social responsibility.”
Finally, in early December, Treasury Management International recognized British home improvement retailer Travis Perkins PLC with 2019’s Best Supply Chain Solution in the Corporate Recognition category. As the U.K.’s largest distributor of building materials, Travis Perkins handles more than 4 million invoices each year for over 6,000 suppliers, as this video report from March 2019 explains.
The bottom line
With more than $100 billion generated in working capital for businesses around the world, 2019 was an extraordinary year of growth for C2FO. We envision more of the same in 2020, as more companies turn to C2FO to accelerate invoice payments and strengthen their supply chain partnerships.