Company’s record-breaking year helped businesses grow; strengthened business performance through equitable access to cash flow
C2FO, the world’s on-demand working capital platform, finished 2022 strong in the face of shifting global financial conditions. The company’s focus on providing fast, flexible and equitable access to cash flow became an even more significant asset to businesses in 2022, particularly for small businesses and minority- and women-owned businesses, which typically have more challenges accessing capital. Facing high inflation and multiple interest rate increases throughout the year, businesses took control of their finances by utilizing C2FO’s platform and working capital products.
C2FO delivered a record-breaking $78 billion in funding to businesses worldwide, a 42% increase over 2021. This is $78 billion that the company’s supplier customers accessed without having to take on any form of debt, better positioning them for growth in 2023. The company’s buyer customers unlocked better returns on their cash, with the average buyer customer gaining more than $1 million in gross profit and EBITDA from C2FO in the fourth quarter alone. The launch of the C2FO CashFlow+™ Card, a Tearsheet’s finalist for the 2022 Most Innovative Payments award, and new strategic partnerships also contributed to C2FO customer growth.
Latest Fintech News: NEO Exchange Expands Coverage in Carbon Credits Market With Public Listing of DevvStream
“At the heart of our business is the desire to see our clients succeed and for all businesses to thrive. Because they chose to make C2FO an integral part of their cash flow management strategy in 2022, our customers were able to maximize returns, plan for the future, add jobs, stock inventory and more,” said C2FO founder and Chief Executive Officer Alexander “Sandy” Kemper.
Throughout 2022, C2FO stayed focused on its mission to ensure all businesses have the capital they need to thrive. On-demand access to capital, particularly in the face of dueling headwinds of rising inflation and interest rates, continued to highlight the importance of C2FO’s work and businesses’ needs to reduce costs and the timelines to receiving payment from their customers. C2FO helped companies reduce their cash conversion cycles by shrinking payment times by an average of 31.7 days through its Early Payment platform.
Latest Fintech News: IPCMobile Brings Unlimited Mobility to the Payment Market With QuantumPay
Because companies on the C2FO platform could access funding on their terms, they could innovate, purchase inventory and grow their businesses by adding vital positions to their teams, even in the face of increasingly challenging economic conditions. “Alfay Designs started using C2FO in 2020 when we had the opportunity to double our business with a customer, but at the same time, our terms increased to 60 days. C2FO helped us close that gap, and maintain our cash flow, and we continue to use it today. In 2022, this allowed us to focus on growth and think less about cash constraints,” said Jayme Smaldone, President of Alfay Designs.
“Companies like Alfay Designs are inspiring for our whole team. This is why we do what we do – so hundreds of thousands of businesses around the world have the capital they need to grow and thrive. For our supplier customers, this work has translated into $225 billion in lifetime funding that isn’t tied to a loan or tethered to a traditional financial intermediary. And our buyer customers benefit directly too — working with C2FO strengthened their supply chains and meaningfully improved their margins,” Kemper added.
C2FO’s global impact was further reinforced at the G20 and B20 Annual Summit in Indonesia. Attending representatives recognized C2FO as a way governments could “make a tangible difference toward supporting sustainable and inclusive long-term economic growth” and highlighted the company in a major policy paper published at the meeting.
Latest Fintech News: ClearBank Appoints Mark Fairless as CFO in Drive for Growth
[To share your insights with us, please write to email@example.com]