Tungsten Corp Reports Record Growth in Network Finance Business

E-invoicing company Tungsten Corp PLC said Monday that its Network Finance division saw a record number of invoice outstandings in the last two months of 2017.

For the two months to December 31, 2017, Tungsten Network Finance saw total originated invoice outstandings to a record GBP54.5 million, up 89% from GBP28.8 million at the end of Tungsten's financial year on October 31, and GBP17.5 million on April 30.

On a daily average basis, invoice outstandings in December were GBP33.8 million, up from GBP22.4 million in October and GBP14.0 million in April.

Tungsten said the growth of its network financing business was due to shifting its focus on providing customers value by linking their digital automation flows to relevant trade financing solutions.

The results also reflects developments in Tungsten's current financial year with the establishment of key funding partnerships, which allows the division to offer four different trade finance solutions meeting different needs, which is invoice discounting, recievables purchase, supply chain finance and flexible lines of credit.

Tungsten Corp expects consistent growth for the financing business.

"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," said Chief Executive Officer Richard Hurwitz.

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