C2FO expands support of global MSMEs' working
capital demands with a new national platform and announces a
$350 billion funding
milestone
KANSAS
CITY, Mo., May 16, 2024 /PRNewswire/ -- C2FO
announced the launch of C2treds, the global fintech's first
national platform that expands working capital access to all micro,
small and medium enterprises (MSMEs) in India. C2FO is the latest and only US-based
fintech to join the Trade Receivables Discounting System (TReDS),
distinguishing itself as the first platform of scale offering both
Early Pay and TReDS benefits to MSMEs in India.
Global organizations are paying increased attention to C2FO for
its unique capabilities to address the needs for sustainable and
inclusive global economic growth. At the 2023 G20 Summit in
New Delhi, a major policy paper
produced by the Business 20 (B20) presented at the summit cited
C2FO as a major driver in improving access to capital that is
essential for businesses and supply chains to thrive. This was the
second consecutive year that C2FO has received such an endorsement
at the G20 Summit.
Chief Executive Officer and founder Alexander "Sandy" Kemper was
also a featured panelist and speaker at the 2023 Global SME Finance
Forum in Mumbai, India. He was
invited to speak on the importance of providing capital to small
and midsize firms globally and how C2FO can make that vision a
reality. C2treds is a significant step toward achieving C2FO's
vision.
TReDS is an electronic platform for facilitating the financing
and discounting of MSMEs' trade receivables through multiple
financiers. These receivables can be due from corporations or other
buyers, including government departments and Public Sector
Undertakings (PSUs). C2treds is only the fifth such entity to have
received approval from the Reserve Bank of India (RBI) to date.
C2treds went live in early May with India's largest bank, State Bank of
India (SBI). Dabur India Ltd. was
among its inaugural participants.
"We are dedicated to solving the challenges MSMEs face in every
country," said C2FO's Country Head in India, Basant
Kaur. "The nearly 200,000 suppliers currently on our network
in India know that when they
partner with C2FO, they are working with a recognized global leader
dedicated to creating opportunity for businesses. With the
provision of liquidity through C2treds and C2FO, businesses,
especially MSMEs, will support and create thousands of jobs that
are necessary for countries like India to continue on their journey of rapid
economic growth."
Following its first-quarter reporting, C2FO also announced it
surpassed a milestone of over $350
billion in working capital funding to suppliers worldwide
since 2010. In the first quarter, the fintech delivered
$17 billion in early payments,
$1.4 billion of those to women- and
minority-owned businesses.
About C2FO
C2FO is the world's on-demand working
capital platform, providing fast, flexible and equitable access to
low-cost capital to nearly 2 million businesses worldwide. Using
patented Name Your Rate® technology and a suite of
working capital solutions, companies can get paid sooner by the
world's largest enterprises — unlocking billions in risk-free
capital. With a mission of ensuring that every business has the
capital needed to thrive, C2FO has delivered more than $350 billion in funding around the world. Founded
in 2008 and headquartered in Kansas
City, USA, with offices
around the globe, C2FO is working to build a better, more inclusive
financial system every day. To learn more, visit C2FO.com.
About C2treds
C2treds is an RBI-approved TReDS
platform by C2FO, the world's on-demand working capital platform.
We understand the pivotal role Indian MSMEs play in India's growth story. They create 30% of the
country's jobs yet face critical challenges such as restrictive
debt cycles, high interest rates and delayed payments, all of which
impede business cash flow. With around 200,000 Indian MSMEs as part
of C2FO's India network, C2treds
is poised to overcome these barriers for a significant number of
MSMEs.
Media Contact
Carrie
Bratcher
pr@c2fo.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/c2fo-becomes-first-us-based-fintech-to-launch-national-msme-funding-platform-in-india-302147089.html
SOURCE C2FO