Trade credit insurer Euler Hermes Americas is now providing C2FO customers access to its single invoice cover service.
C2FO is a US-based working capital marketplace that empowers suppliers to access liquidity and easily match between account receivables and payables.
Euler Hermes’ single invoice cover, which launched in late 2017, aims to protect companies from non-payment risks while optimising end-to-end supply chains by extending the optimal credit terms to buyers.
Based on a proprietary application program interface, the single invoice cover aims to create a seamless process for businesses, while facilitating management of credit exposure.
According to Euler Hermes, C2FO customers will be able to purchase credit insurance on individual invoices via a digital platform in less than two minutes.
Christina Montes de Oca, regional head of market management, commercial and distribution at Euler Hermes confirms with GTR that the cover is currently available in the US, with plans to expand into other geographies over the next three to six months.
Sanjay Gupta, president and COO of C2FO, says: “Our new partnership with Euler Hermes gives these companies a way to insure the receivables they rely on to grow and expand their business.”
The partnership marks the latest development for the single invoice cover product, which began in Europe in 2017 before expanding into the US and Asia in 2018.
In 2018, Allianz X, the digital investment unit of the Allianz Group and the parent company of Euler Hermes, invested US$30mn in C2FO.
The new cover service highlights Euler Hermes’ strategy to expand beyond its traditional and oldest business line of trade credit insurance.