Tungsten Bank plc, a subsidiary of Tungsten Corporation plc, the global e-Invoicing, invoice finance and analytics company, can now provide banking services in Germany, France and Italy.
The UK’s Prudential Regulation Authority (PRA) has notified banking regulators in these markets that Tungsten Bank is now authorised to provide services in their jurisdictions. This authorisation will enable Tungsten to offer invoice financing to eligible European businesses who invoice their customers over Tungsten’s e-Invoicing network.
To date, Tungsten Early Payment has been offered to companies in the UK and the US and Tungsten is now preparing its invoice financing solution for these mainland European markets.
“The payment practices of large corporations and the reluctance of established banks to lend to SMEs often creates working capital constraints for many businesses around the world,” said Edmund Truell, Tungsten Group CEO. “Tungsten Early Payment, offered through Tungsten Bank, was explicitly designed to service SMEs and allow them to simply and swiftly maximise their cash flow - all at the click of a button.
“Tungsten operates in a heavily regulated landscape, and one of the key reasons we acquired Tungsten Bank was to ensure we obtain approval to offer invoice financing in multiple territories around the world. We have invested in establishing financing structures in new geographies through Tungsten Bank, while maintaining our governance standards to meet and exceed current and potential future regulatory requirements.
“We are now working to put the mechanics in place to shortly begin offering Tungsten Early Payment to customers in France, Germany and Italy, and are making good progress in securing approval to operate in other territories,” said Truell.