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C2FO
From Wikipedia, the free encyclopedia
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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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History
The 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]
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Funding
The 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]
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Office locations
C2FO is headquartered in Leawood, Kansas and reports operations in an additional nine locations worldwide.[16]
References
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