07 July 2015

Tungsten seeks approval for bank buy-out

25 March 2014  |  3175 views  |  0 Digital Arrow chart

Invoice financing roll-up Tungsten says it expects to take full control of the UK arm of First International Bank of Israel (Fibi) within the next two months, after formally submitting an application for change of control to the UK's Prudential Regulation Authority and the Financial Conduct Authority.

Founded by City financier Edmund Truell last year, Tungsten engineered a £99 million buyout of e-invoicing network OB10 and provisionally agreed. the acquisition of a five-year rolling license agreement with @UK PLC to deploy its spend analytic software technology to the invoice data crossing OB10's network.

Established with the express aim of shaking up the supply chain finance industry, the acquisition of Fibi is seen as a key element in the firm's plans to provide suppliers with access to accelerated invoice settlement on a transparent and simple to execute basis.

Under Tungsten, the Fibi board will be chaired by Truell, with Phil Ashdown elected as CEO and Steven Clowes CFO. In addition, Gordon Payne has joined Tungsten from Sumitomo to help lead the work on multinational Supply Chain Finance growth.

In the six months since floating on AIM, the firm claims to have made strong progress overall in integrating its financing and analytics capabilities into the e-invoicing network; and in organising the combined Tungsten group to be capable of large-scale growth.

Says Truell: "The opportunity to create a disruptive global player is even greater than I first thought. We can realistically aim to create the leading global digital invoicing network, serving the world's largest corporates and governments."

The company will deliver results for the full year to 30 April in July. Shares in the group were trading at 260 pence in mid-morning, up nine percent on the overnight close, and 30 pence up on the 230 pence debut price on AIM.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

16 October, 2013
04 September, 2013

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Singapore pledges S$225m to fintech
9527 views comments | 34 tweets | 24 linkedin
US banks pump $16.6bn into digital transfo...
8219 views comments | 39 tweets | 27 linkedin
Greeks flock to Bitcoin
6609 views comments | 32 tweets | 18 linkedin
Fintech leads the charge as VC investment...
6370 views comments | 33 tweets | 17 linkedin
Mobile banking biometrics gains traction
6276 views comments | 27 tweets | 25 linkedin

Featured job

to £65K base, double OTE
London, UK

Find your next job