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April 9, 2014

KPMG launches strategic alliance with US capital market place business

KPMG UK has brought US working capital online market place C2FO to the UK market via a strategic alliance.

The market place is used by buyers and sellers of working capital, and currently has over a million users.

Commenting on the alliance, Simon Collins, KPMG UK chairman, said: "We know from some of our smaller and medium-sized clients that they continue to struggle to borrow from the banking high-street ".

"However, myriad alternative sources of finance, such as asset-based lenders and crowd-sourcing platforms, are filling the gap. C2FO will provide a much-needed non-bank source of working capital finance to suppliers and will help many small firms stabilise their supply chains."

C2FO was founded in Kansas City in 2008, and currently delivers over $1bn in early payment and suppliers each quarter.

The alliance will last for three years, and no equity was acquired as part of it.

The alliance with C2FO is an addition to KPMGs ‘digital innovation network’, which the firm launched in 2013. As part of this, the firm also entered into a partnership with software provider Xero, at the end of March 2014.

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