Financial technology startup C2FO raised $100 million in funding in a new round led by the investing arm of global insurance and asset management giant Allianz SE as well as Abu Dhabi’s Mubadala Investment Co.
With Tuesday’s announcement, C2FO has almost doubled its total funding, according to data from Crunchbase. Existing investors Temasek Holdings, Union Square Ventures and Mithril Capital also participated, the Leawood, Kansas-based startup said.
“We’re very happy with dollars raised and our partners,” Sandy Kemper, chief executive officer of C2FO, said in an interview. “This allows faster acceleration of what we were doing previously, especially in terms of geography,” he added, noting that the Middle East and Europe are two areas for further expansion. The firm said it reached profitability in North America last year, though other regions have yet to reach this threshold.
C2FO is an online marketplace to help businesses with cash flow. Companies that have cash on their balance sheets and are willing to pay invoices early can come together with their suppliers who need that cash. Buyers on the platform include large retailers such as Costco Wholesale Corp., Amazon.com Inc., and Nordstrom Inc.
The startup said that on top of the global expansion, the funding will also allow some early investors and associates to sell shares and gain liquidity.
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