Tungsten completes bank buy-out to move into invoice discounting
16 June 2014 | 5234 views | 0
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.