US-based fintech firm C2FO, which operates a marketplace that provides working capital to companies and counts India as its fastest-growing market, has raised $200 million (Rs 1,420 crore) from investors.
SoftBank Vision Fund led the funding round. Existing investors Temasek and Union Square Ventures also participated, the company said in a statement.
Following the investment, Nahoko Hoshino will join the C2FO board on behalf of SoftBank Investment Advisers, which manages the Vision Fund.
Last year, C2FO had raised $100 million from Allianz X, Mubadala Investment Company and existing investors.
“We invested in C2FO because we think their disruptive innovation offers a solution to an industry that has traditionally lacked cost-efficient alternatives for businesses of all sizes looking to free up cash quickly,” said Akshay Naheta, managing partner at SoftBank Investment Advisers.
C2FO said the fresh investment will accelerate its growth in newer markets, including India, and help it improve access to working capital for its users.
The company says India has emerged as the fastest-growing market for its online marketplace. In the last four years, C2FO experienced 300% year-on-year adoption rates from businesses in India. It expects that growth rate to continue in the next five years.
The company says it uses proprietary algorithms to create a match between accounts receivable and accounts payable to price the value for early payment in real time. It claims that it matches $1.2 trillion of accounts receivable and accounts payable globally.
More than 300,000 businesses across 173 countries use C2FO to manage cash flow and receive $1 billion in funding every week.
The $100-billion Vision Fund has invested in a number of Indian companies including ride-hailing firm Ola and hospitality startup OYO. Overall, it has invested $66.3 billion in 81 firms, SoftBank said on Wednesday. The value of its investments has grown to $82.2 billion, it added.
SoftBank Group Corp founder and chief executive Masayoshi Son said that the second Vision Fund could start investing next month.