C2FO, which is a fintech startup, said its business had quadrupled in the second quarter compared to the same period for the previous year. The amount of capital flowing through its platform reached a record $5.4 billion for the three months ended June 30, 2015, as against $1.2 billion during the same period a year ago, the company, whose service allows firms to get a discount from their vendors for upfront payment, added.
“Our record growth in the past quarter for existing and new global customers generated a 334 percent increase in working capital flows,” said John Kill, senior vice president and chief financial officer at C2FO. “Our market operates globally across 15 currencies and multiple languages. As we consistently outpace our year-over-year performance, we continue to attract the attention of world-class partners,” added Kill.
“Our recent funding round led by Temasek is a strong vote of confidence that C2FO has established the leading global business network for working capital,” said Sandy Kemper, C2FO founder and chief executive Officer. “Temasek’s market knowledge and relationships in emerging markets will help C2FO capitalize on the international demand for more effective capital solutions and continue to accelerate our rapid pace of innovation,” added Kemper.