Tungsten Corporation plc, the global e-invoicing, purchase order services, analytics and financing company, today provides the following update on its trade finance business, Tungsten Network Finance.
As at 31 December 2017, Tungsten Network Finance had nearly doubled total originated invoice outstandings to a record £54.5 million, an 89% increase from the previous reported peak of £28.8 million in the period to 31 October 2017. These balances represent a significant acceleration in growth from 30 April 2017, when the Company had invoice outstandings of £17.5 million.
On a daily average basis, invoice outstandings were £33.8 million in December, up from £22.4 million in October and £14.0 million in April 2017.
The rapid acceleration in growth of the financing business is driven by the recent evolution of our strategy to focus on providing Tungsten Network customers added value by linking their digital automation flows to relevant trade financing solutions.
The new business results also reflect the significant developments in the current financial year in establishing key funding partnerships, allowing Tungsten Network Finance to offer four distinct trade finance solutions that meet different market needs; namely, invoice discounting, receivables purchase, supply chain finance, and flexible lines of credit. This unique strategy focuses on both SME and large customers by matching working capital needs with a good user experience.
The availability of unique and varied trade financing solutions to Tungsten Network customers is a strategic priority for Tungsten Corporation, and there is an expectation of consistent growth, already demonstrable by run-rate levels at 31 December 2017.
Richard Hurwitz, Chief Executive Officer, commented:”Tungsten Network Finance had an impressive end to the calendar year, with an acceleration in growth of balances outstanding driven by engagement with a number of new customers and increased take-up by recurring users of our financing. This significant increase in utilization of Tungsten’s trade financing solutions is driven by the changes we have undertaken to offer greater value to all our customers, and the convenience and security of transacting on our network.”