London, 15 September 2021: Tungsten Corporation plc, a leading provider of digital financial management products and software solutions, is pleased to announce it has signed a contract to provide supply chain financing for an existing customer and global leader in consumer-packaged goods.
The implementation scope includes suppliers with current annual invoices totalling £6.7 billion across the Tungsten Network. Since the launch of Tungsten’s Supply Chain Finance (“SCF”) partnership, it has financed in excess of £400 million of invoices. Tungsten’s buyer and supplier customers are part of the world’s largest compliant business network, transacting over £220 billion annually.
The Supply Chain Finance service uses Tungsten’s automated and digitised invoice status data to help suppliers secure payables-led financing, offered at lower than typical market rates. This kind of financing supports suppliers with increased cash flow while providing working capital benefits to corporate buyers.
Paul Cooper, CEO of Tungsten Corporation, said, “The Covid-19 pandemic has presented significant challenges for the global supply chain. Business continuity and resilience is more important than ever before, and we are proud to facilitate financing to our customers’ e-invoicing-enabled supply chains.”
Miriam Weidner, CMO of Tungsten Corporation, said, “We’re pleased to provide additional services through this expanded engagement with one of our key customers. We’re encouraged by the momentum and customer interest and look forward to providing SCF to more buyers and suppliers across the Tungsten Network in the future.”
|Canaccord Genuity Limited (Broker and Nominated Adviser)
Simon Bridges/Andrew Potts
|+44 20 7523 8000
|Tavistock Communications Financial PR & IR
|+44 20 7920 3150
About Tungsten Corporation
Tungsten Corporation (AIM: TUNG) is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.