Monday 22nd December, 2014

It seems Christmas has come early for Tungsten Corp as the firm released details this morning of a new financing deal, likely to extend to several billion pounds for its early payment invoice financing business.

The agreement, terms of which were not disclosed, is with Insight Investment Management (Global) - a global asset manager responsible for over £318bn in assets under management.

It has agreed to purchase approved-to-pay, investment grade receivables that have come through Tungsten Network's e-Invoicing platform.

The group's chief executive Edmund Truell said: "The agreement with Insight is a significant milestone in the development of Tungsten. 

"We can now execute on our ambitious strategy for our Tungsten Early Payment invoice financing business which is an important element of our future growth.  

"We now have the wherewithal to finance invoices on a significant global scale, having already successfully financed invoices for UK-based Suppliers on our platform.  

"Tungsten will now offer Tungsten Early Payment to a wider audience. These arrangements also help reinforce a key part of Tungsten's financing proposition, which is to make available supply chain finance to Tungsten Early Payment Suppliers once they have taken cash advances."

The funding under the multi-year agreement is expected to total several billion pounds. Together, with the existing capital within Tungsten bank, it now has all the required funding at this stage for its invoice finance proposition, so the company no longer needs to pursue alternative financing options, such as a bond issue, it said.

Tungsten had previously announced that the majority of capital required for its supply chain finance activities would be funded by third parties. Tungsten Bank also provides the opportunity to raise deposits from clients as well as from the Buyer customers on the Tungsten Network, which would enable the Buyers to deploy cash balances to finance their supply chains.