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C2FO acquires early payment platform Priority Vendor

C2FO Priority VendorC2FO has acquired Noida-based early payment platform, Priority Vendor, for an undisclosed sum. The amalgamation of C2FO and Priority Vendor under a single platform will enable Indian suppliers receive a continuous flow of capital at costs lower than traditional financing alternatives, C2FO said.

“This is an important milestone in 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. We are also delighted to welcome Priority Vendor’s energetic and entrepreneurial leadership and team to join C2FO’s global talent pool,” said Pradeep Gode, Country Head, India at C2FO.

The combined firm will have a network of more than 200 corporates. Currently, more than 350,000 companies across 173 countries utilize C2FO’s working capital solutions to take control of their cash flow and receive over $1 billion in funding every week, the company said in a statement.

“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. As a team, we are excited to take this giant leap towards being part of the C2FO global network,” said Kunal Agarwal, Co-founder, Priority Vendor.

C2FO is an online marketplace which connects suppliers with buyers to help them avail funding sources, through early payments of invoices from customers and other lending options. India has emerged as the fastest-growing market for the C2FO online marketplace, the company said.

It recently raised $200 million in a funding round led by SoftBank Vision Fund to bolster its presence globally and tap the small and medium-sized business segment. It is also backed by Singapore’s state investment arm Temasek and New York-based venture capital firm Union Square Ventures.

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