TIDMTUNG
Tungsten Corporation PLC
27 June 2018
27 June 2018
Tungsten Network passes GBP300 million of financing to global
supply chain
since 2017 relaunch
-- Enterprises across the United Kingdom and
the United States have tapped Tungsten Network
for over GBP300 million of funding since it
relaunched its trade finance business in January
2017.
-- On a daily average basis, monthly invoice
outstandings have grown from GBP11.4 million
in December 2016 to GBP43.4 million in April
2018, with a peak of GBP54.5 million at 31
December 2017.
-- Strong prospect for further growth as financing
products have recently been launched in Canada,
Ireland and the Netherlands.
-- Funding partnerships expanded to include Insight
Investments, Orbian, Funding Circle and BlueVine
in order to offer a range of trade finance
solutions.
Tungsten Network, the digital automation platform owned by
Tungsten Corporation that removes friction from the global supply
chain, continues to demonstrate progress in trade finance. Since
January 2017, Tungsten Network has funded a total of over GBP300
million of invoices to help companies across the United Kingdom and
the United States manage their working capital.
Tungsten Network's trade finance activities were relaunched at
the start of 2017 under the leadership of Prabhat Vira, President,
Tungsten Network Finance, with a rebuilt technology infrastructure
and a repositioned operational model. Since relaunching, it has
grown its user base, funding partnerships and range of
products.
Tungsten Network Finance now offers four distinct trade finance
solutions that meet different market needs: invoice discounting
through the Tungsten Network Early Payment facility in its Portal;
flexible lines of credit; receivables financing and supply chain
finance. Leveraging the connectivity that comes from joining
Tungsten Network, both SME and large customers are matching working
capital needs with a flexible user experience, removing the
friction that impacts cash flow.
"Passing GBP300 million of financing represents a milestone
worth acknowledging for our business and demonstrates our progress
in realising the significant potential of providing trade finance
solutions to the customers of Tungsten Network," said Prabhat
Vira.
"The funding partnerships have allowed us to grow our suite of
products to meet the diverse financing needs of more of the
customers of Tungsten Network, from our smaller UK customers having
access to debt facilities of up to GBP500,000, through to some of
our larger, multinational customers taking advantage of a
'one-stop' platform for e-invoicing linked receivables
financing.
"Most importantly, we are focussed on solutions that work for
our customers. On average, Tungsten Network Early Payment users
currently finance over half of the e-invoices that they issue
digitally via the Tungsten Network portal, demonstrating that the
product has become an important part of their working capital
management. Since the relaunch, 129 Tungsten Network customers have
taken early payment."
Les Brooke, Finance Director, EFM Fleet Services Limited, said:
"We have used Tungsten Network for over 12 months now, principally
to utilise the early payment facility that it offers.
"This is 'head and shoulders' above our previous invoice
discounting facility in that we choose when we need it, have access
to 100% of the funds due to us - less very competitive charges -
and it substantially improves the gearing in our balance
sheet."
Tungsten Network Finance has recently expanded its geographical
reach beyond the United Kingdom and the United States, to now
include Canada, Ireland and the Netherlands, with funds available
in GBP, USD and EUR. This geographical expansion will continue over
the course of 2018, with work already underway to make the product
available in more countries in Europe and the Americas.
Richard Hurwitz, CEO, Tungsten Corporation, said: "All the
metrics we monitor are improving. These include customer
acquisition numbers, balances outstanding and total volume of
loans, which indicates that we have successfully relaunched a trade
finance model that is now sustainable. Customers of Tungsten
Network are leveraging the benefits of the digital platform we
provide by taking funding opportunities through the same portal in
which they manage their invoicing activities.
"What is even more encouraging is that we are now having
conversations with Finance Directors around working capital, that
lead them to embrace the digital automation of their accounts
payable and accounts receivable transactional flows.
"Tungsten's customers are coming to see the Network and its
various utilities as a strategic tool for their Finance and
Treasury teams, enabling them to grow and more easily move cash to
the benefit of the global supply chain."
-ENDS-
Contact:
Tungsten Corporation plc +44 (0)20 7280 7983
Richard Hurwitz, Chief Executive
Officer
Daniel Brady, Global Communications
Manager
Speed Communications
George Beard +44 (0)7980 816170
Kerry Gould +44 (0)7872 811 735
tungsten@speedcomms.com
About Tungsten Network
Tungsten Corporation (LSE: TUNG) aims to be the world's most
trusted business transaction network by using data intelligently to
strengthen the global supply chain.
Tungsten Network is a secure digital automation platform that
brings businesses and their suppliers closer together with unique
technology that revolutionises invoice processing, maximises
efficiency and improves cash flow. Delivering trusted connections
and streamlined transactions, the network also provides users with
real-time spend analysis and offers suppliers access to invoice
financing through Tungsten Network Finance, a form of alternative
finance for businesses.
Tungsten Network processes invoices for 67 percent of the FTSE
100 and 72 percent of the Fortune 500. It enables suppliers to
submit tax compliant e-invoices in 48 countries, and last year
processed transactions worth over GBP155bn for organisations such
as Alliance Data, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and
the US Federal Government.
Trusted, passionate and proven, Tungsten is making the
digitisation of global commerce between buyers and suppliers
faster, easier and smarter.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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END
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