Tungsten Group PLC’s plan to offer invoice financing world-wide is coming together. To date, Tungsten Early Payment has been offered to companies in the UK and the US and Tungsten is now preparing its invoice financing solution for three mainland European markets.

“The payment practices of large corporations and the reluctance of established banks to lend to SMEs often creates working capital constraints for many businesses around the world,” said Edmund Truell, Tungsten Group CEO. “Tungsten Early Payment, offered through Tungsten Bank, was explicitly designed to service SMEs and allow them to simply and swiftly maximise their cash flow – all at the click of a button.

“Tungsten operates in a heavily regulated landscape, and one of the key reasons we acquired Tungsten Bank was to ensure we obtain approval to offer invoice financing in multiple territories around the world. We have invested in establishing financing structures in new geographies through Tungsten Bank, while maintaining our governance standards to meet and exceed current and potential future regulatory requirements.

“We are now working to put the mechanics in place to begin offering Tungsten Early Payment to customers in France, Germany and Italy, and are making good progress in securing approval to operate in other territories,” said Truell.

Accepting deposits

Tungsten Corporation has now launched Tungsten Bank`s deposit offering. The deposited money will be used by Tungsten Bank to provide additional invoice financing via its Tungsten Early Payment product. Tungsten Early Payment enables businesses to enhance their cash flow by taking early payment on selected invoices. Tungsten Bank finances invoices sent over the Tungsten Network.

At first, deposits will be accepted from companies that use the Tungsten Network before broadening it out to other cash rich companies and high net worth individuals. They will be offering competitive rates, which will be above those offered by the High Street banks. Initially, the product will be offered just in the UK.