C2FO, which provides companies the ability to pay suppliers early, has completed a $100m funding round led by Allianz X and Mubadala Investment Company.
Support to the round also came from existing investors in C2FO, including Temasek, Union Square Ventures, and Mithril Capital.
C2FO is a working capital marketplace which helps suppliers to receive funding capital early and companies to earn a discount. This platform is used across the retail, industrial, manufacturing, CPG, energy, healthcare, technology, telecom and transportation sectors.
The platform works by approved supplier invoices being uploaded to the platform and a company setting their target return and cash available. Suppliers then set a discount offer for early payments, which C2FO algorithms then process and match with the companies desired return. Early payments can then be made, which earn the company the discount.
At the end of last year, the company passed the $1bn funding a week for businesses across more than 100 countries.
This equity injection will be used by the company to support its international growth, adding additional working capital solutions and further developing its customer community. Some of the proceeds will also be used for secondary share purchases from earlier investors and associates.
Allianz Euler Hermes board of management chairman Wilfred Verstraete said, “The strength of this investment in C2FO is simple: it sets the foundations to a truly reciprocal and strategic partnership.
?This partnership will be a unique combination of Euler Hermes’ credit insurance expertise with the C2FO dynamic discounting model. Our first joint initiatives will further strengthen the C2FO technology platform and expand working capital and credit availability to businesses around the world.”
Late last year, Allianz X made a $96.6m investment in to micro-insurance provider for Africa BIMA. The investment saw Allianz become the sole insurance shareholder and largest strategic stakeholder in the company.
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