04 December 2016

Tungsten completes bank buy-out to move into invoice discounting

16 June 2014  |  5030 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)

Finextra news in your inbox

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

Related stories

Banking associations seek supply chain finance consensus

Banking associations seek supply chain finance consensus

02 May 2014  |  6589 views  |  0 comments | 4 tweets | 1 linkedin
McKeever quits Tungsten; Bryant appointed as 'rainmaker'

McKeever quits Tungsten; Bryant appointed as 'rainmaker'

29 April 2014  |  4035 views  |  1 comments
Banks seek out new opportunities in supply chain finance

Banks seek out new opportunities in supply chain finance

11 April 2014  |  6302 views  |  0 comments | 5 tweets | 4 linkedin
Tungsten seeks approval for bank buy-out

Tungsten seeks approval for bank buy-out

25 March 2014  |  4039 views  |  0 comments | 1 tweets
Tungsten ready to shake up supply chain financing

Tungsten ready to shake up supply chain financing

16 October 2013  |  4291 views  |  0 comments | 3 tweets
Supply chain finance industry set for disruption as Tungsten lines up takeover targets

Supply chain finance industry set for disruption as Tungsten lines up takeover targets

04 September 2013  |  10277 views  |  2 comments | 4 tweets | 1 linkedin
Supply chain finance becoming a 'must have' accessory for transaction banks

Supply chain finance becoming a 'must have' accessory for transaction banks

29 May 2013  |  9573 views  |  0 comments | 14 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comVisit VocaLink.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6559 views comments | 23 tweets | 21 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5671 views comments | 15 tweets | 13 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
5636 views comments | 16 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5585 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5555 views comments | 13 tweets | 12 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job