PYMNTS-MonitorEdge-May-2024

Tungsten Reveals Clearance to Operate Across EU

With new approval from federal authorities, alternative financer Tungsten Bank is now cleared to facilitate e-invoicing measures across Europe.

According to a company announcement made Wednesday (March 4), Tungsten Bank has been approved by the U.K. Prudential Regulation Authority to offer banking services in Germany, France and Italy. The clearance means the Authority has informed these nations’ banking regulators of the authorization.

It also means that businesses across Germany, France and Italy will be able to sign up for e-invoicing and cash flow management service Tungsten Early Payment, which facilitates digital payments between buyers and suppliers. Users of the platform can also gain financing from Tungsten Bank, recently acquired by Tungsten Corporation.

According to Tungsten Group Chief Executive Edmund Truell, expansion from the U.S. and U.K. and into Europe is part of why the bank acquisition was made in the first place. “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,” he said. “Tungsten Early Payment, offered through Tungsten Bank, was explicitly designed to service SMEs and allow them to comply and swiftly maximize their cash flow – all at the click of a button. 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.”

Tungsten CEO Richard Hurwitz spoke with PYMNTS last month to discuss the recent acquisition of Tungsten Bank and how it facilitates a global outreach to finance the world’s SMBs. Part of the company’s product offering, Hurwitz said, “is the ability for that deep, global supply chain to access working capital in a very robust, risk-free, low-cost and no-hassle manner. The bank puts Tungsten in the position to deliver that holistic, bigger purpose-based offering.”

PYMNTS-MonitorEdge-May-2024