Working capital fintech C2FO has raised $100m from new and current shareholders to finance the company’s strategic growth initiatives. Funds were raised from Allianz X, the digital investment arm of German insurance and asset management group Allianz, and from Abu Dhabi’s leading strategic investment company, Mubadala.

Existing shareholders Temasek, Union Square Ventures, and Mithril Capital also backed the fund raiser.

The $100m will be deployed to finance international growth, further working capital solutions, and greater development of the C2FO customer community. Some funds will also be used to buy back shares from earlier investors.

By the end of 2017, C2FO was providing $1bn of funding per week to businesses in more than 100 countries, making the company one of the world’s largest non‐bank providers of working capital. The company is projecting an increase to $1bn of funding per day by 2021.

Wilfred Verstraete, chairman of the board of management of Allianz’s trade credit insurance business Euler Hermes, said in a statement: “The strength of this investment in C2FO is simple: it sets the foundations to a truly reciprocal and strategic partnership. This partnership will be a unique combination of Euler Hermes’ credit insurance expertise with the C2FO dynamic discounting model.”

He added that the first joint initiatives would further strengthen C2FO’s technology platform and expand working capital and credit availability to businesses around the world.

Ibrahim Ajami, head of Mubadala Ventures, said that his firm’s investment was aligned with Mubadala Ventures’ strategy of investing in founder‐led global category leaders.”

“We are excited to add Allianz X and Mubadala to our roster of outstanding global investors. The opportunities to partner with them and their diverse portfolio companies are significant and will further drive our already strong international growth,” said Kerri Thurston, C2FO chief financial officer.