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Tungsten Network passes £300 million of financing to global supply chain since 2017 relaunch
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 £300 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 POréal; 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 £300 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 £500,000, 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 pOréal, 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 pOréal 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."