Allianz X invests $30 million in working capital marketplace C2FO

Allianz X, the digital investment unit of the Allianz Group, announced a $30 million investment in C2FO, a fintech business that connects buyers and suppliers of goods and services with working capital funding needs. The C2FO B2B, online platform utilizes technology to allow suppliers of multinational corporates request accelerated invoice payment in exchange for a discount, thereby optimizing cash flows.

Allianz X becomes a new shareholder among a world-class list of C2FO investors including Mubadala Investment Company, Union Square Ventures, Mithril Capital Management, and Temasek.

Allianz X’s investment is part of the most recent C2FO $100 million funding round that will support key strategic initiatives including international growth, additional working capital solutions, and greater development of the C2FO customer community. Proceeds will also be used for secondary share purchases. “As a strategic investor, we are excited to be part of C2FO’s next development steps,” said Dr. Nazim Cetin, CEO of Allianz X. “C2FO’s business model of connecting companies with working capital in real time is a unique solution to a critical aspect of trade financing.”

C2FO enables corporates to upload approved invoices onto C2FO’s marketplace, allowing their suppliers to receive faster payment directly from their customers. Suppliers receive payments in advance while buyers increase their EBITDA and gross margin, earning a better return on short-term cash. “The strength of this investment in C2FO is simple: it sets the foundations to a truly reciprocal and strategic partnership. This partnership will be a unique combination of Euler Hermes’ credit insurance expertise with
the C2FO dynamic discounting model” said Wilfried Verstraete, Euler Hermes Chairman of the Board. “Our first joint initiatives will further strengthen the C2FO technology platform and expand working capital and credit availability to businesses around the world.”

At the end of 2017, C2FO reached a key milestone, providing $1 billion of funding per week to businesses in more than 100 countries, making C2FO one of, if not the largest, non-bank provider of working capital in the world. By 2021, C2FO is forecasting $1 billion in funding per day.

"We are honoured to have Allianz X’s support and confidence in C2FO," said Sandy Kemper, C2FO Founder and Chief Executive Officer. “We continue to deliver tremendous value to our global corporate buyer customers while helping their suppliers access working capital at a fair price. As we expand our working capital product set, the partnership with Euler Hermes will accelerate and enhance our ability to deliver much-needed liquidity to businesses around the world,” added Kemper.

Allianz X is the digital investment unit of the Allianz Group, one of the world's leading insurers and asset managers. Allianz X invests in digital growth companies that are part of our ecosystems related to insurance: Mobility, Connected Property, Connected Health, Wealth Management & Retirement, and Data Intelligence & Cybersecurity. We provide an interface between portfolio companies and the digital ecosystem within Allianz as well as drive innovation across Allianz’s operating entities and global lines of business.

C2FO connects companies that need cash (suppliers) with companies that have cash (buyers) to optimize working capital at a rate that’s better for everyone. Their “Name your rate®” model lets businesses improve cash flow by offering their customers a discount they determine in exchange for early payment of invoices. Buyers earn a no-risk return on short-term cash while improving their bottom line and the financial health of their suppliers. Since 2008, their goal has been to be the most convenient and lowest cost source of business funding. Today, C2FO is one of the largest non-bank providers of working capital in the world.

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Danielle Dias Coutinho
Allianz X
Phone: +49 89 7699 63402

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