C2FO receives $200mn in funding round led by SoftBank
The procurement platform firm, C2FO, has raised a $200mn venture funding round headed up by SoftBank Vision fund, according to Supply Chain Dive.
The platform provides a discount on approved invoices to enable faster payments which allows the platform to offer a lower cost of goods sold and a head start on supplier relationship management.
According to C2FO, suppliers are provided with the lowest-cost sources of working capital in the world.
Speaking to Supply Chain Dive, Kerri Thurston, CFO of C2FO, commented: “A majority of U.S. retail invoices flow through our platform.”
Having focused on the Fortune 500 class of buyers during the first nine years, it has begun to impact the majority of the US retail market, oil and gas and logistics, in addition to other industries.
“For the buyers it represents a reduction of cost of goods sold or their operating expense and in most cases, they're using underutilised cash that is making next to nothing in terms of interest rates for their balance sheet,” added Thurston. “They’re able to improve their EBITDA and their gross or operating margins utilising existing cash.”