SoftBank Vision Fund Leads $200 Funding Round in the Fintech Startup, C2FO
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Aug 09,2019
- 10 Mins Read
SoftBank Vision Fund has lately widened its fintech portfolio by investing in the startup company, C2FO. Besides the investment, Vision Fund has led the fintech startup’s $200 million investment round.
It is one of the biggest funding rounds for the SoftBank-backed fintech company, C2FO. With this transaction, Nahoko Hoshino, Vice President of the Japanese investment group, SoftBank Investment Advisers, has been commissioned as one of the board of directors of C2FO, as reported by the international daily news, Startland.
The other existing investors that have placed bets on the fintech company are Union Square Ventures and Temasek. According to the cited media report, in the previous year, C2FO had raised $100 million in the funding round from Temasek, Union Square Ventures, Mithril Capital; the round was led by Allianz X and Mubadala Investment Company.
What’s Enticing About C2FO
The Kansas-based fintech company, C2FO administers an online marketplace, which connects suppliers with buyers. Through its platform, the company aids the buyers to make early payments on invoices. The impressive thing that the platform offers to the buyers is discounted payments on invoices. The company essentially matches accounts receivable, as well as accounts payable, in real-time and accordingly, offers discounts to the buyers.
The company proclaims to have garnered more than 300 customers in 173 nations on its online marketplace. It further states that it helps clientele manage their cash flow and amasses over $1 billion in funding in a week.
C2FO’s strong financial backdrop can be one of the reasons, which has caught the attention of the Japanese Conglomerate’s fund, SoftBank Vision Fund.
Bigger Plans, Bigger Responsibility
After amassing $200 million as offerings from investors, the fintech startup, C2FO has accelerated to the next level. The amassed investment is one of the biggest fundings in the startup’s headquartered city, Kansas, United States.
Following the investment, Sandy Kemper, Founder of C2FO, decides to actualize expansion plans and live up with others’ expectations.
“Investments are always forward-looking. Our job is to make sure that we are living up to our ability to expand this company in a way that is deserving of this type of attention, this type of investment,” Sandy Kemper told the international daily news, Startland.
Softbank Vision Fund, which led the current funding round of C2FO, has earlier funded giant companies as well viz. Uber, DoorDash, WeWork, and Slack.
The fintech company was established by Sandy Kemper in January 2008. Before founding C2FO, Kemper had worked as a CEO of UMB Financial Corporation. Previously, the company was known as Pollenware. Later, the name changed to C2FO ( Collaborative Cash Flow Optimization) after the customers’ recommendation. The company’s first market-clearing happened in 2010 and Union Square Ventures was the prime investor to back the company.
The company has its 8 bureaus across the globe, excluding its headquartered city, Kansas, United States. The other offices are located in Frankfurt, Hong Kong, London, San Francisco, Seattle, Mumbai, and Singapore.
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