13 February 2016

Tungsten completes bank buy-out to move into invoice discounting

16 June 2014  |  4499 views  |  0 Man drawing Graph on Glass wall 2

Invoice financing roll-up Tungsten is moving into small business lending through the acquisition of the UK arm of First International Bank of Israel (Fibi).

The acquisition closed last week after receiving the green light from the Prudential Regulation Authority, according to the Financial Times. Fibi will be renamed Tungsten Bank.

Tungsten was founded by City financier Edmund Truell with the express aim of shaking up the supply chain finance industry. In October the firm floated on the LSE's AIM Market and used proceeds to fund a £99 million buyout of e-invoicing network OB10.

The Fibi acquisition 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. The banking license lets Tungsten move into invoice discounting - advancing cash to suppliers.

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

02 May, 2014
29 April, 2014
11 April, 2014
25 March, 2014
16 October, 2013
04 September, 2013
29 May, 2013

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16163 views comments | 102 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
8963 views comments | 30 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
8533 views comments | 35 tweets | 9 linkedin
Is Paym a failure?Is Paym a failure?
7129 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6519 views comments | 17 tweets | 28 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job