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, a significant acceleration in growth.
Tungsten Network processes invoices for 67% of the FTSE 100 and 76% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £155bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg’s and the US Federal Government.
The rapid acceleration in growth of the financing business is driven by the recent evolution of Tungsten’s strategy to focus on providing Tungsten Network customers added value by linking their digital automation flows to relevant trade financing solutions.
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.”