THE WORLD S MARKET FOR WORKING CAPITAL

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1 THE WORLD S MARKET FOR WORKING CAPITAL connect collaborate optimize Allison MacKinnon Sean Van Gundy

2 TECHNOLOGY

3 TECHNOLOGY MARCHES ON RELENTLESSLY Moore s Law Yearly Information Created 7910 Exabytes 130 Exabytes 1227 Exabytes Source: Wikimedia Commons, EMC Digital Universe Note: 1 Exabyte = 10^18 bytes (1 million million million bytes) 2014 C2FO. All rights reserved 3

4 DIGITAL IS DISRUPTING EVERY INDUSTRY Communication Transport & Leisure Games Agriculture 2014 C2FO. All rights reserved 4

5 YET MANY INCUMBENTS FAIL TO INNOVATE If you don t cannibalize yourself, someone else will STEVE JOBS, APPLE 2014 C2FO. All rights reserved 5

6 FOCUS, FOCUS, FOCUS Laser focus on Search for first 5 years Homepage now even more simple 2014 C2FO. All rights reserved 6

7 DISRUPTION - RULE OF 10 For a startup to replace an incumbent and convince people to do something different or new, it has to be 10 times better than the alternative JOSEPH ANSANELLI, GREYLOCK PARTNERS 10x the selection 10x better distribution 10x the customer service 10x faster 10x smaller 1/10th power consumption 2014 C2FO. All rights reserved 7

8 MOVE FAST & BREAK THINGS Failure is simply the opportunity to begin again, this time more intelligently HENRY FORD 2014 C2FO. All rights reserved 8

9 ONLY POSSIBLE IF THE RIGHT CULTURE EXISTS I view my role more as trying to set up an environment where the personalities, creativity and individuality of all the different employees come out and can shine TONY HSIEH, ZAPPOS 2014 C2FO. All rights reserved 9

10 DISRUPTION OF WORKING CAPITAL

11 $35T OPPORTUNITY TO ENABLE EARLY PAYMENT Outstanding right now AP/AR annually Financed by: $3T Bank Debt $3T Factoring $0.3T Supply Chain Financing Immediate funding gap Source: C2FO analysis, St Louis Fed, FCI, GBI, UK Government Taskforce 2014 C2FO. All rights reserved 11

12 GAP WIDENING FOR SMBS $100B less lending to SMBs in US since crisis $400B more lending to large businesses Basel III risk-weighting making this SMB trend worse 09 $620B 10 $610B 11 $550B 12 $510B Source: Federal Deposit Insurance Corporation 2014 C2FO. All rights reserved 12

13 YET SMBS ARE MEANT TO DRIVE THE RECOVERY SMBs comprise 99.7% of US Employer Firms SMBs account for 49% of employment SMBs provide 64% of new jobs Too many small businesses struggle to access the capital they need small businesses are spending unnecessary funds to cover cash flow issues cause by late payment. White House Press Release, July 2014 Source: US Small Business Administration 2014 C2FO. All rights reserved 13

14 LONG PAYMENT TERMS CONTINUE TO STRESS BALANCE SHEETS Days sales outstanding (DSO) Italy, 103 France, 80 China, 78 Japan, 75 Brazil, 75 Germany, 58 UK, 50 USA, 42 Source: PWC 2014 C2FO. All rights reserved 14

15 THEREFORE SMBS FORCED TO USE EXPENSIVE ALTERNATIVES Online business loans NO PRODUCTS Factoring / invoice discounting / p-cards SMBs Business credit card Business loans Business loans Bonds Larger corporates Supply chain financing APR 0% 25% 50%+ Source: OnDeck, Business Observer, Business Week, Metro Bank, Various SCF Schemes, Corp Bond Issuance 2014 C2FO. All rights reserved 15

16 LIBERATING $23T+ OF CASH IS THE REAL DISRUPTION Top 1000 non-financial institutions have $23T of cash Outstanding right now AP/AR annually Financed by: $3T Bank Debt $3T Factoring $0.3T Supply Chain Financing If part of this $23T flows down the supply chain, there would be no funding gap, and no need for so many bank products Funding gap eliminated Source: C2FO analysis, St Louis Fed, FCI, GBI, UK Government Taskforce 2014 C2FO. All rights reserved 16

17 ENTER THE DISRUPTORS Supply Chain Financing Early Payment Marketplace Leverages Buyer s credit rating Banks advance cash on receivables Low APRs Becoming faster to implement Good for CSR Leverages Buyer s cash Early payment in return for discount Increases profit margins 6-10 weeks to implement Great for CSR 2014 C2FO. All rights reserved 17

18 COMPLEMENTARY STRATEGIES Accounts Payable Value Buyer Push Bank generates profit Supplier Pull Buyer generates profit SCF C2FO Supplier Size Larger Smaller 2014 C2FO. All rights reserved 18

19 THE EMERGENCE OF DISRUPTIVE MARKETPLACES Physical Goods Travel Stocks & Shares Working Capital Source: Federal deposit insurance corporation 2014 C2FO. All rights reserved 19

20 THE SUPPLIER S NEED FOR CASH IS DYNAMIC A Marketplace captures a supplier s changing dynamic cost of working capital over peaks and valleys throughout their fiscal year. Each color represents a unique supplier s APR offers for early payment over time C2FO. All rights reserved 20

21 SUPPLIERS BID FOR EARLY PAYMENT 2014 C2FO. All rights reserved 21

22 HIGHER YIELDS THAN OTHER OPTIONS The marketplace produces high returns while maintaining a low risk profile. 21 average day yields annualized 2014 C2FO. All rights reserved 22

23 THE VALUE OF THE NETWORK IS FULLY CAPTURED Extend working capital down the supply chain tiers. C2FO market member Tier 1 Tier 2 Tier C2FO. All rights reserved 23

24 BENEFICIAL FOR CORPORATE SOCIAL RESPONSIBILITY Suppliers down entire chain get early access to cash, at a rate they decide Low APR market averages 7% Complements existing SC programmes Extremely simple 2 clicks to cash 91% supplier recommendation rate 2014 C2FO. All rights reserved 24

25 THANK YOU

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