Alternative lending continues to gain support from investors, the latest being C2FO, which announced a $100 million funding round.
The company said Tuesday (Feb. 27) that it raised the funds from Allianz X and Mubadala Investment Company, while existing backers Temasek, Union Square Ventures and Mithril Capital also participated. C2FO, which offers small businesses an online marketplace for working capital and trade finance, will use the investment to focus on international growth, to expand its product offering and to grow its customer base.
C2FO added that it will also use the funds for secondary share purchases.
“As a strategic investor, we are excited to be a part of C2FO’s next development steps,” said Allianz X CEO Dr. Nazim Cetin in a statement. “C2FO’s business model of connecting companies with working capital in real time is a unique solution to a critical aspect of trade financing.”
In addition to the funding, C2FO also announced that it hit the $1 billion-a-week funding mark, as it continues to facilitate financing to companies across 100 countries. The company said it plans to facilitate $1 billion in financing a day by 2021.
“When we launched C2FO in 2010, our goal was to be the most convenient and lowest-cost source for business funding in the world,” the company’s Founder and CEO Sandy Kemper said. “Today, 99.5 percent of our customers tell us we have achieved that goal. We continue to deliver tremendous value to our global corporate buyer customers while helping their suppliers access working capital at a fair price.”
“We have scaled our global operations in EMEA and Asia-Pacific to keep up with supplier demand for easy and affordable access to working capital,” added C2FO’s President and COO Sunjay Gupta in another statement. “With this funding round, investment in our supplier customer network expansion continues to be our top priority.”
The company had previously raised $40 million in 2015. That funding was led by Temasek.