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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.

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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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KPMG UK

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