US-based FinTech Firm C2FO Secures Funding from SoftBank
US-based Fintech firm C2FO, specializing in working capital loans, has secured a new funding of $200 million, led by Softbank’s Vision Fund. It was participated by Temasek and Union Square Ventures.
The company’s India head, Pradeep Gode, on Thursday said a large part of the $200 million raised from Japanese investor Softbank, and would be invested to explore growth opportunities in India.
India is the fastest growing market for the company, which matched over $1.2 trillion of accounts receivable and accounts payable globally. C2F0 “matches” between accounts receivable and accounts payable to dynamically price the value for early payment in real time.
As read in a statement, the investment was designed to speed up the company’s development of newer markets. “India is our fastest-growing market, showcasing the need for alternate sources of working capital as Indian businesses continue to scale into global organizations,” Founder and Chief Executive Sandy Kemper said.
“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 quickly,” Akshay Naheta, Managing Partner for SoftBank Investment Advisers, said.
There is an increased trend of collaboration between companies with the help of investments. It is giving bigger companies ways to expand their markets and aiding smaller companies with a fillip in growth.