Global fintech firm C2FO acquires Noida-based early payment platform Priority Vendor
In a statement, C2FO said, with the amalgamation of C2FO and Priority Vendor under a single platform, Indian suppliers will receive a continuous flow of capital at costs lower than traditional financing alternatives.
US and Mumbai-based C2FO, a provider of working capital solutions, has acquired Noida-based early payment platform, Priority Vendor, for an undisclosed sum.
In a statement, C2FO said, with the amalgamation of C2FO and Priority Vendor under a single platform, Indian suppliers will receive a continuous flow of capital at costs lower than traditional financing alternatives. Their combined network of more than 200 corporates will now be able to enhance returns on liquidity and strengthen the supply chain system, it added.
Pradeep Gode, Country Head, India, C2FO, said,
“This is an important milestone for C2FO India’s journey. The acquisition of Priority Vendor enables us to strengthen our position in the working capital space, and to offer our customers’ more flexible and convenient solutions than ever before. C2FO services and supplier-led pricing model fully complement Priority Vendor’s unique digital financing solutions built exclusively for Indian businesses.”
[Funding alert] US-based fintech firm C2FO raises $200M from Softbank, will explore growth oppo...
“We are also delighted to welcome Priority Vendor’s energetic and entrepreneurial leadership team to join C2FO’s global talent pool,” he added.
According to C2FO, more than 1,25,000 businesses in India utilise its working capital solutions to take control of their cash flow and receive over $1 billion in funding every week.
Kunal Agarwal, Co-founder, Priority Vendor, said,
“We are thrilled to become a part of the C2FO family. Collectively, we will facilitate the most affordable on-demand funding for Indian suppliers and the only risk-free, high-yield investment option for corporates in one single platform.”
C2FO claims to be the world’s largest non-bank provider of working capital, serving more than 3,50,000 business customers around the globe. In the last four years, the company said it has experienced 300 percent year-over-year adoption rates from businesses in India and expects that this growth rate will continue in the next five years.
Founded in 2014, Priority Vendor provides working capital solutions to corporates and their suppliers of raw material, packing material, transportation, and other services to unlock value out of the existing supply chain. Its dynamic discounting solution enables suppliers to access liquidity at competitive rates by giving cash discounts on approved invoices. This helps clients increase returns and helps their suppliers in a risk-free, automated and large-scale manner.
(Edited by Megha Reddy)